France

BNP Paribas priced a new Eu1.5bn five year covered bond yesterday (Wednesday) afternoon after the leads decided that the strength of the order book would allow them to price a deal above the Eu1bn level that several other issuers have recently been restricted to. Bankers are now looking forward to what could be achieved next week.

BNP Paribas has decided to take the plunge into the primary market where Caisse de Refinancement de l’Habitat proved unwilling, opening books on a new structured covered bond this (Wednesday) morning.

Dexia Kommunalbank’s decision to test the long end of the market proved correct when it was able to price the first 10 year jumbo Pfandbrief in over a year yesterday (Thursday). The Cover spoke to the issuer about its bold move.

Dexia Kommunalbank is this (Wednesday) afternoon expected to launch the first 10 year covered bond since Caisse de Refinancement de l’Habitat at end of February, having mandated Deutsche Bank, Dresdner Kleinwort, DZ Bank and Landesbank Baden-Württemberg for the new issue.

The pricing and extended bookbuilding on Banque Populaire group’s (BFBP) new Eu1bn three year covered bond surprised some market participants this week, who considered it aggressive, but a representative of the issuer told The Cover that he was pleased with the new deal and considered that it came at the right level.

The Banque Populaire group (BFBP) priced its Eu1bn three year covered bond yesterday (Wednesday) afternoon at 25bp over mid-swaps, after a protracted bookbuilding process that began on Tuesday morning.

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.