CFF enters ‘new paradigm’ with eight year

Eight Sugar
By Bill Thornhill
02 Sep 2019

Compagnie de Financement Foncier (CFF) unearthed strong demand for the first negative yielding non-German covered bond of the year, and the first with a long tenor.

The €1bn November 2027 deal, rated Aaa/AAA/AAA, was priced on Monday at a reoffer spread of 5bp over mid-swaps and a yield of minus 32.6bp with orders of €1.5bn and a new issue premium of about 2bp-3bp.

CFF’s transaction followed Berlin Hyp’s negative yielding €1bn three year Pfandbrief ...

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