BPCE finely tunes supply to demand

By Bill Thornhill
13 Nov 2014

The covered bond market has started to lose some of the energy and excitement that followed the announcement of the European Central Bank’s purchase programme. This week, BPCE issued a finely tuned deal that was sized precisely to demand.

The issuer attracted a book of €800m from about 30 investors for its €750m no-grow Obligations de Financement de l'Habitat. Around 40% was bought by central banks and official institutions on an unreconciled basis.

The deal’s size and price were finely tuned to demand, said leads ABN Amro, ...

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