These are the details of the selected bond:
- Issuer: CM-CIC Home Loan SFH
- Covered bond rating(s) at launch: Aaa (Moody's) AAA (S&P) AAA (Fitch)
- Amount: EUR1,500m
- Maturity date: 29 July 2032
- Coupon: 3.000%
- Swap spread: 63bp
- Pricing date: 21 January 2025
- Settlement date: 29 January 2025
- Bookrunners: CIC, Commerzbank, Danske, Natixis
- Country: France
- ISIN: FR001400WXW9
- Collateral type: Mortgage
- The CBR bond ID: 3043
- Green, social, sustainability description: unlabelled
- Notes: Final book above EUR4.6bn with around 130 accounts. Banks/private banks 43%, central banks/official institutions 31%, asset managers 14%, insurance companies/pension funds 8%, hedge funds 1%, others 3%. Germany/Austria/Switzerland 34%, France 18%, Nordics 13%, southern Europe 11%, Benelux 10%, UK/Ireland 8%, Asia 3%, others 3%.
Coverage of this deal:
Issuers achieve size and price as investor pile-on persists 21 January 2025
Crédit Mutuel and Argenta Spaarbank were just the latest issuers to hit the high end of size expectations without compromising on price today, after DNB yesterday sold the largest euro benchmark covered bond yet this year, while DZ Hyp is expected with further supply tomorrow.