Axa reopens long end of covered bonds

By Bill Thornhill
18 May 2020

Investors lapped up Axa Bank Europe’s €250m tap of a 15-year Obligations Foncieres on Monday and showed that demand for ultra-long dated paper is back on the table. And, being considerably longer than the funding offered by the European Central Bank, the transaction should give a boost to the primary market, despite downbeat supply expectations.

Axa Bank Europe SCF issued a €250m tap of its April 2033 on Monday at 23bp over mid-swaps with demand of more than €1bn through sole lead BNP Paribas. The scale of excess demand was important because it showed that investor appetite for longer dated issuance is ...

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