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04/16/2010 / SPAIN / DEBT & CREDIT MARKETS
Crédit Agricole CIB plays a major role in three key covered bonds in Spain
In March 2010, Crédit Agricole CIB was joint bookrunner and joint lead manager in three covered bonds in Spain for BBVA, Bankinter and La Caixa.
Public sector covered bond issue for BBVA
BBVA successfully priced a 3.5-year EUR 2 billion public sector covered bonds (“Cédulas Territoriales”).
After an absence of nearly 3 years, the first public sector covered bonds benchmark issue met an enormous interest from investors. An order book of circa EUR 2.5 billion allowed BBVA to print a size of EUR 2 billion - one of only three issuers were able to print such a size thus far this year.
Around 95 accounts participated in the final order book. The distribution was dominated by asset managers (48% of the allocation), followed by banks (28%); central banks and insurance companies took 8% each. France stood out by geography (36% of the bonds), whilst Germany accounted for 27% of the allocation, followed by Spain with a 15% share.
Covered bond issue for Bankinter
Bankinter launched a 3-year bond issue, amounted EUR 1 billion. The transaction came amid a busy week on the Spanish covered bond primary market, but nevertheless the strong credit profile of Bankinter made the transaction viable and it met widespread, solid demand from investors.
Around 80 accounts were involved in the final order book (total size EUR 1.3 billion). The distribution was dominated by banks (41.5% of the allocation) and central banks (27%), followed by asset managers with some 22% of the bonds. The domestic investors accounted for 43% of the allocation, followed by Germany (22%) and France (10%).
Covered bond issue for La Caixa
Caja de Ahorros y Pensiones de Barcelona (La Caixa) priced a 6-year EUR 1 billion covered bond issue. The 6-year maturity was chosen as it suited the issuer’s redemption profile and fell within their strategy to preserve the covered bond instrument for mid-term funding.
Around 75 accounts participated in the final order book (total size EUR 1.3 billion). The distribution was dominated by banks (45% of the allocation); funds took some 22% and the rest went to central banks (18%) and insurance companies (15%). The Iberian investors took the lions share of the order book with (48%), followed by Germany (20%), United Kingdom (14%) and France (12%).