LBP covered in demand despite OAT spread

La Banque Postale 230x150
By Bill Thornhill
29 Jan 2018

La Banque Postale (LBP) managed to find good demand for a 10 year covered bond on Monday even though the spread to OATs has tightened and could become problematic.

The French issuer returned to the covered bond market on Monday to issue a €750m no-grow triple A rated 10 year at 8bp through mid-swaps with demand of €1.1bn, implying an oversubscription ratio of almost 1.5 times.

Joint leads on the deal were Crédit Agricole, Commerzbank, ...

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