Crédit Ag and Caffil hit eights covered sweet spot

By Bill Thornhill
11 Jan 2018

Crédit Agricole SFH and Caffil issued eight year covered bonds this week and managed to attract strong demand from bank investors buying for their liquidity portfolios.

Crédit Agricole opened books on Monday with price guidance of 6bp through mid-swaps and, after little more than one hour, attracted demand of €1.25bn for the Aaa/AAA/AAA rated February 2026 French residential mortgage-backed covered bond.

After two hours orders rose to €1.8bn and the final spread was ...

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