Covered bonds normalise but supply outlook questioned

Ready steady go switches from Adobe 230x150
By Bill Thornhill
06 Apr 2020

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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