Caffil to perform following new law, BES bodes well

By Bill Thornhill
07 Aug 2014

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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