French banks may pre-fund with covered bonds

By Bill Thornhill
10 Aug 2020

French banks have been among the most active issuers of covered bonds so far this year but, with the pace of mortgage origination expected to slow and deposit inflows rising, further supply is less certain with pre-funding for next year becoming an option with doubts over the longevity of the prevailing strong market conditions.

French banks have been among the most prolific covered bond issuers this year with 19 benchmark deals providing a total of just over €23bn of funding. 

Year to date supply is now only €3bn short of what was issued in 2019 and €4bn below the volume of French covered ...

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