Trio of covered debuts due as spreads hold

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By Bill Thornhill
21 Nov 2019

Covered bond spreads were holding steady on Thursday as bank traders lighten their balance sheets amid modest secondary market buying from the European Central Bank (ECB), ahead of Crédit Agricole and Nordea’s inaugural green transactions and Raiffeisen Bank International’s vanilla debut.

Caisse de Refinancement de l’Habitat’s €1bn seven year launched on Wednesday was indicated on a bid/offer spread of 2bp/1bp over mid-swaps on Thursday, compared to a reoffer spread of 2bp. 

The fact that the deal only attracted demand of €1.1bn, versus €2.5bn for its previous €1bn 10 year ...

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