(Tiper Stock Exchange) – Credit Agricole Italy has successfully completed the issuance of a covered bond of 1 billion eurowhich received orders worth 1.3 billion euros.
The issue has duration 6.5 years (maturity January 15, 2030) e annual coupon equal to 3.50%, offers a yield equivalent to the mid swap rate increased by a spread of 59 basis points, 19.4 bps below the yield of BTPs of similar duration.
The operation was announced on 6 June at 14.15 and the following day, having assessed the market conditions, at 9:00 the books were opened with initial guidance at mid swap +62bps. At 11.50 the final spread it was then fixed at MS +59bps. They have arrived 50 ordersfor about two thirds from international investorsreads a note.
The issue, managed by Crédit Agricole CIB (Global coordinator), with joint bookrunners Credit Agricole, ABN AMRO, Intesa Sanpaolo, Raiffeisen Bank And Unicredit, is part of the 16 billion euro covered bond programme, in soft bullet format, with Italian residential mortgage loans as the underlying. An Aa3 rating from Moody’s is expected.
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