CFF takes size with first covered outing of 2021

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By Bill Thornhill
06 Apr 2021

Compagnie de Financement Foncier took advantage of Tuesday’s strong market conditions to issue its first covered bond of 2021, and the fifth from Groupe BPCE. The €1.5bn eight year negative yielding transaction, which was larger than expected, partially refinances a series of CFF’s redemptions coming up in the next two months.

CFF opened order books with price guidance of 4bp over mid-swaps area on Tuesday for a 0.01% Obligations Foncieres due April 2029. One hour later, joint leads BBVA, Credit Suisse, HSBC, LBBW, Natixis, NatWest Markets, Rabobank and UniCredit had received orders of more than €1bn.

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