France
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'Eye-catching' deal sheds some light on what covered bond spreads might be like come January -
Issuer to fund €2.5bn with an average maturity of eight years
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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
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Budget uncertainty and concerns on the government’s future cloud French agency market
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Hybrid deals remain challenging sale for issuers
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Bigger book for senior tranche of debut, but borrower manages to increase size of deal
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Banking borrower does not get same boisterous demand as other recent automotive deals
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La Française des Jeux and Roquette Freres among mandates on screens
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Rights issue will allow shareholders to buy shares at a 99.4% discount to Wednesday’s closing price
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Decent response from investors suggests next week will be busy in primary market
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◆ French firm takes €1bn a day before the US goes to the polls ◆ Investors looking for attractive French covered bonds ◆ French deals are tight to OATs despite high spreads
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Wider swap spreads provide French covered bonds a buffer against competing SSA levels
