Caffil
-
◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered -
◆ 10 year 'surprise' reopens euro covered market ◆ Concession needed to seal the deal ◆ Trade lands through OATs
-
◆ Tight govvie spread no problem for spread hunters ◆ No premium needed ◆ Some buyers resisted pricing through 70bp
-
As the end of 2024 approaches, deals expected to be few and far between
-
◆ French firm sells first covered deal for three weeks ◆ Five year tenor is Caffil's shortest for two years ◆ Sizeable new issue premium required
