CCDJ prices inside covered curve

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By Bill Thornhill
30 Mar 2021

Fédération des caisses Desjardins du Québec (CCDJ) issued a rare and well subscribed five year euro covered bond on Tuesday, which was priced inside fair value. The outcome was similar to a recent deal from National Bank of Canada, but is not expected to boost supply prospects.

Joint leads BNP Paribas, Commerzbank, Natixis, NatWest Markets and TD Securities were mandated on Tuesday and they simultaneously opened order books for a €500m April 2026 with price guidance of 8bp area.

After 2.5 hours, when demand stood at €2.1bn, the spread was revised to 4bp, plus or ...

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