Issuers flock to long ends in covered bonds

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By David Freitas
09 Jan 2020

Issuers this week have steered clear of negative yielding covered bonds, choosing longer maturities for their securities. Crédit Agricole Italia went as far as 25 years, while on the other end was Santander UK marketing a seven year tenor.

The Italian subsidiary of French lender Crédit Agricole, formerly known as Cariparma, was marketing a dual-tranche covered bond, with maturities of eight years and 25 years.

It picked Crédit Agricole, LBBWINGNatixisNatWest Markets and UniCredit to run the trade.

They were able to launch €500m at 23bp over ...

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