Specialist French lender My Money Bank SCF (MMB) returned to the covered bond market on Monday to issue its second deal, which attracted a more diverse and larger order book than its first. A positive yield helped, but so did the issuer’s investor relations effort, according to a lead manager.
Following a roadshow, MMB mandated leads and opened order books on Monday for a €500m no-grow 10 year Obligations Foncières, its second ever covered bond.
The deal was initially marketed at an eye-catching spread of 30bp over mid-swaps. With 10 year swaps yielding minus 17.5bp, the initial spread