CFF covered opens way for sevens

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By Bill Thornhill
06 Apr 2020

Compagnie de Financement Foncier (CFF) on Monday became the first covered bond issuer in April to tighten pricing from initial guidance. Other issuers will take confidence from it to consider longer dated funding, offering an alternative to European Central Bank’s repo facilities.

CFF opened order books on Monday for a four year Obligations Foncières at 38bp area over mid-swaps, through joint leads Citi, Commerzbank, LBBW, Natixis, Rabobank, Swedbank and UBS Investment Bank. The deal is rated triple-A with Moody's, Standard & Poor’s and Scope.

After 90 minutes the book was ...

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