France

France’s Banque Populaire group (BFBP) finally closed the books on its new Eu1bn three year covered bond at 12.30pm London time today (Wednesday). The deal is expected to be priced this afternoon, but there have been questions raised over the level of interest from end investors.

France’s Banque Populaire group (BFBP) has opened the books for a new euro benchmark covered bond as it attempts to grasp the chance that CRH turned down today.

Caisse de Refinancement de l’Habitat has pulled back from launching its new covered bond issue, blaming the events in the German market.

After successfully placing the longest covered bond benchmark since the end of February, Dexia Municipal Agency told The Cover that while it was pleased to demonstrate the range of maturities open to it, crossing the psychological barrier of pricing in the double digits over mid-swaps to please investors cuts both ways.

Sweden’s SEB this (Monday) morning opened the books on its new five year euro benchmark, with Caisse de Refinancement de l’Habitat (CRH) happy to hold fire on its deal while it waits for SEB to complete its new issue.

After the recent glut of short term deals, Caisse de Refinancement de l’Habitat could next week bring the first five year bond since ING’s Eu1bn March 2013 was priced on March 13.

Dexia Municipal Agency has priced its Eu1bn seven year public sector obligations foncières issue at 10bp over mid-swaps, taking the realistic attitude required of issuers towards pricing out to the longer end of the curve.

Dexia Municipal Agency has opened the books on a seven year euro benchmark in the first test of demand beyond the short end of the curve since covered bond issuance picked up again early last week. And another French issuer is set to follow the obligations foncières with its own seven year issue soon.

The Dexia group on Wednesday demonstrated the diversity of funding options it enjoys, adding a jumbo Pfandbrief to its issuance this year. The Eu1.5bn two year issue nevertheless showed the limits of what issuers can achieve in today's market. (Updated to include quotes)

CIF Euromortgage successfully priced its Eu1bn two year obligations foncières at 4bp over mid-swaps yesterday (Thursday), the middle of guidance. The leads said that the new issue had represented a real test of CIF’s resilience.

CIF Euromortgage has opened the books on a benchmark sized two year obligations foncières issue. Market participants described the guidance of 3bp-5bp over mid-swaps as necessary to catch the attention of investors in light of recent senior unsecured deals.

The Dexia group yesterday (Wednesday) demonstrated the diversity of funding options it enjoys, adding a jumbo Pfandbrief to its issuance this year. The Eu1.5bn two year issue nevertheless showed the limits of what banks can achieve in today’s market.