FCDQ closes covered gap to Canadian majors

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By Bill Thornhill
19 Nov 2019

The Fédération des Caisses Desjardins du Québec (FDCQ) issued its longest covered bond at its tightest-ever spread to Canadian peers on Tuesday.

After mandated joint leads Barclays, Crédit Agricole CIB, DZ Bank and TD Securities on Monday, FCDQ opened order books on Tuesday for a €500m no grow eight year Canadian covered bond secured on residential mortgages within initial guidance of 15bp area over mid-swaps.

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