BPCE draws granular covered bond book

By Bill Thornhill
24 Mar 2020

BPCE took advantage of the improvement in credit sentiment to issue a €1bn five year covered bond on Tuesday. The deal attracted a granular order book and was priced close to where it would have been expected to come in light of recent Canadian deals — 20bp above theoretical fair value.

BPCE opened order books on Tuesday for a five year French residential mortgage covered bond at 40bp over mid-swaps through joint leads Banca IMI, BBVA, Dekabank, Helaba, HSBC, ING, Natixis and UniCredit.

After two hours demand stood at €1.1bn and after three ...

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