Superb covered bond result for DZ and SG

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By Bill Thornhill
25 Jan 2021

The covered bond market bounced back from last week’s temporary supply indigestion on Monday, following strong deal outcomes for DZ Hyp and Société Générale, which issued the tightest French transaction of the year.

Société Générale issued a €750m 0.01% February 2031 for intra-day execution at 1bp over mid-swaps with no new issue concession, from an initial spread of 6bp and a revised level of 2bp plus or minus 1bp, and with peak demand of €3bn and €2.4bn good at reoffer.

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