Foncier fancy bodes well for future French capital harvest

Paris France
By Tom Porter
15 May 2014

Crédit Foncier de France offered plenty of encouragement to other French lenders considering selling full capital stack RMBS transactions this week, as it witnessed a scramble for the senior notes of CFHL-1 2014 that allowed pricing just a handful of basis points back of UK RMBS.

The €426m triple-A rated ‘Class A1’ three year notes were 2.7 times subscribed on Thursday. That allowed the leads to tighten from initial price thoughts of three month Euribor plus low to mid-40bp area to final price guidance of 37bp-40bp, before settling at the tight end of that ...

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