{"id":5620,"date":"2025-03-04T17:42:37","date_gmt":"2025-03-04T16:42:37","guid":{"rendered":"https:\/\/foncier.fr\/?p=5620"},"modified":"2025-03-04T17:43:40","modified_gmt":"2025-03-04T16:43:40","slug":"cff-issues-at-a-better-level-than-france-at-10-years-i-e-oat-13-bp","status":"publish","type":"post","link":"https:\/\/foncier.fr\/en\/cff-issues-at-a-better-level-than-france-at-10-years-i-e-oat-13-bp\/","title":{"rendered":"CFF issues at a better level than France at 10 years, i.e. OAT -13 bp."},"content":{"rendered":"
Compagnie de Financement Foncier (Bloomberg Ticker: CFF) has launched its first benchmark issue of 2025. This was priced with competitive pricing conditions.<\/span><\/span> This transaction was carried out within its 5-year and 10-year secondary curve, as well as at a better level of -13 basis points compared to the French issues (OAT) on the 10-year maturity.<\/span><\/span> <\/span><\/div>\n
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In a stable market context, CieFF launched a double-tranche issue of covered bonds.<\/span><\/span> The first tranche, with a maturity of 5 years, was set at \u20ac750 million, while the second tranche, at 10 years, amounts to \u20ac500 million, for a combined total of \u20ac1.25 billion.<\/span><\/span> <\/span><\/div>\n
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After just two hours of bookbuilding, the 5-year tranche attracted over \u20ac3 billion in interest, while the 10-year tranche attracted over \u20ac1.4 billion.<\/span><\/span> This strong interest drove the book total to over \u20ac5 billion, allowing CieFF to tighten the spread by 8 basis points for the 5-year tranche and 6 basis points for the 10-year tranche between launch and final terms.<\/span><\/span> In total, the book after this tightening reached \u20ac2.3 billion, with 119 investors participating for the 5-year tranche and over \u20ac900 million for the 10-year tranche, involving 70 investors.<\/span><\/span> <\/span><\/div>\n
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In terms of allocation distribution, for the 5-year tranche, asset managers dominate with 36%, closely followed by banks (35.7%) and central banks (22.1%).<\/span><\/span> Geographically, Germany leads with 21.7%, followed by Denmark (18.8%) and France (13.8%).<\/span><\/span> <\/span><\/div>\n
For the 10-year tranche, banks represent the majority with 36%, followed by central banks (24.4%) and asset managers (19.1%).<\/span><\/span> In terms of geographic distribution, Germany comes first with 30.4%, followed by France (26.7%) and the Netherlands (10%).<\/span><\/span> <\/span><\/div>\n
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The success of this transaction is a testament to the strength of CieFF’s signature, which has reopened the 10-year covered bond market in France, managing to issue at more favourable terms than in France!<\/span><\/span><\/span><\/p>\n

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Compagnie de Financement Foncier (Bloomberg Ticker: CFF) has launched its first benchmark issue of 2025. This was priced with competitive pricing conditions. This transaction was carried out within its 5-year and 10-year secondary curve, as well as at a better level of -13 basis points compared to the French issues (OAT) on the 10-year maturity. […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/posts\/5620"}],"collection":[{"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/comments?post=5620"}],"version-history":[{"count":2,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/posts\/5620\/revisions"}],"predecessor-version":[{"id":5622,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/posts\/5620\/revisions\/5622"}],"wp:attachment":[{"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/media?parent=5620"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/categories?post=5620"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/foncier.fr\/en\/wp-json\/wp\/v2\/tags?post=5620"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}