My Money Bank (MMB), a French bank established from the former GE Money Bank, is set for a reintroduction to the covered bond market with an inaugural benchmark obligations foncières from a new SCF subsidiary following a roadshow announced today (Thursday).

My Money Bank was established as an independent French bank in April 2017 following the sale of GE Money Bank to funds managed by Cerberus Capital Management. GE Money Bank had previously been active in the French covered bond market via subsidiary GE SCF, but when GE Money Bank was sold GE SCF did not go with it but was transferred to another GE entity to be wound down.

MMB SCF announced a mandate this morning for a European roadshow starting next Wednesday after which an inaugural euro benchmark obligations foncières issue with a seven to 10 year maturity is expected to follow.

ABN Amro, BNP Paribas, Crédit Agricole and SG are the leads. BNP Paribas is sole arranger.

MMB’s covered bond programme is rated AAA by S&P.

In an investor presentation, MMB said it is introducing the covered bond programme to raise longer term funding and raise funding at attractive levels.

As of 31 July, MMB had a preliminary cover pool of EUR632m.