Covered bonds normalise but supply outlook questioned
Covered bond investors have begun to return, primary market spreads have tentatively started to tighten and new issue concessions are coming down — which theoretically bodes well for a broadening of supply. But bankers, battered by the stresses of the last month, remain cautious.
Sentiment in the covered bond market seemed to turn a corner last week after Crédit Agricole attracted 105 investors who placed orders of €2.7bn for its €2bn December 2024. Credit Mutuel Home Loan SFH and Compagnie de Financement Foncier (CFF) have since followed with successful deals.CFF’s €1bn April ...
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