Caffil
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◆ 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
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As the end of 2024 approaches, deals expected to be few and far between
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◆ French firm sells first covered deal for three weeks ◆ Five year tenor is Caffil's shortest for two years ◆ Sizeable new issue premium required
