Crédit Agricole Home Loan SFH yesterday (Thursday) launched a Eu250m tap of a 24 year deal it had priced in November 2011, following a small reverse inquiry, according to a lead syndicate banker.

Sole lead Crédit Agricole opened books and priced the issue at 45bp over mid-swaps yesterday afternoon. The outstanding bonds were trading 17 figures above par and bid at 47bp over asset-swaps before the announcement, according to Vincent Hoarau, head of FIs, covered bond & ABS Syndicate at Crédit Agricole.

The deal also came flat to OATs, he said.

“It was a very quick and smooth process in poor market conditions,” said Hoarau “The issuer was more sensitive to the pricing than to the size of the issue.

“It was looking for a small tap, with books closing as soon as possible.”

The deal was prompted by a small reverse inquiry and demand was driven by German investors, he said.

“French investors are still very reluctant to buy obligations a l’habitat or obligations foncières at zero premium versus the domestic government benchmark, he added.

Hoarau said that the issuer managed to achieve a “very competitive all-in price” considering that stronger peer Caisse de Refinancement de l’Habitat priced a Eu1bn 12 year issue at 46bp over mid-swaps on 4 January.