Caffil to perform following new law, BES bodes well
French public sector covered bond issuer Caffil is expected to continue outperforming the domestic market following the approval of a French law that limits the litigation risk it was facing.
The issuer’s 2028s, which were issued and tapped at 50bp over mid-swaps, are now offered in the region of 24bp over mid-swaps. “Caffil’s curve had historically offered 5bp over names such as CFF and BPCE but that spread has all but disappeared,” a Paris-based dealer told GlobalCapital in
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