Covered bonds fly — even without ECB

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By Bill Thornhill
05 Nov 2019

Caffil issued the tightest French 10 year of 2019 amid a flurry of other well received covered bonds issued on Tuesday by DZ Hyp, mBank and Santander UK. While the European Central Bank’s return to the market helped deals go well, it was not needed amid an improvement in risk appetite.

“The market is good to go and everything is working well today” said one syndicate banker on the French inaugural green 10 year issued by Caffil. The €750m no-grow deal attracted demand of €2.5bn in the first hour and went on to exceed €3bn with over 100 investors, ...

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