German Pfandbriefe and French Obligation Foncière price in line

Commerzbank issued a €1bn five year mortgage Pfandbrief on Monday, achieving a spread that was in line with French borrower Compagnie de Financement Foncier (CFF) two weeks ago. The pricing shows that there is no longer a spread between French and German covered bonds, and bankers expect more jurisdictions to catch up soon.