French threesome covers up

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By Bill Thornhill
16 Jan 2020

BPCE, Credit Mutuel Home loan (CM-CIC) and Axa Bank issued French covered bonds this week with Axa issuing its first transaction under a new and lower rated Belgian ownership structure.

At €2.25bn, BPCE’s two-part offering issued on Tuesday was the largest funding exercise of the three French issuers and widely hailed as the obvious success story, with one lead manager describing its combined order book of €4.3bn as a “very positive sign for the market as a whole”.  ...

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