France

Caisse de Refinancement de l’Habitat expects to price a Eu2bn three year issue this (Thursday) afternoon, which will be its first transaction to include a market-making commitment.

Since HBOS blazed the trail in 2003, the structured covered bond has spread to other jurisdictions, including Germany, where Landesbank Berlin is attempting to launch the first non-Pfandbrief German covered bond. But is this development good for the long term health of the market? Philip Moore reports.

When the French government began calling ECM teams on the evening of August 31 last year, few equity bankers could have believed their ears. Indeed, many had already left for the day, believing no large deals were imminent. They were wrong - the government was preparing to sell a 9.6% block of France Télécom.