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January 2012 - Crédit Agricole CIB assists Caisse de Refinancement de l'Habitat in the opening of the Eurobond primary market for 2012
On 3 January 2012, Crédit Agricole CIB acted as joint bookrunner for a 10-year EUR 2 billion bond issue launched by Caisse de Refinancement de l’Habitat (CRH). This new jumbo French covered bond allowed CRH to successfully open the Eurobond primary market for 2012.
The transaction was very well received by the market, attracting more than EUR 2 billion of high quality orders in a very short period of time. The issue, due to mature in June 2022, pays an eye-catching coupon of 4%. The transaction attracted more than 110 investors from Germany and Austria (53%), France (28%), the United Kingdom (7%), Southern Europe (5%) and Benelux (3%). By investor types, insurance companies represented 40% of the allocation followed by asset managers (24%) and banks (22%). Central banks also represented a significant part of the deal (11%).
"By opening the euro bond primary market CRH confirmed the appeal from both international and domestic issuers for French high quality signatures. Crédit Agricole CIB is pleased to have assisted CRH in the successful opening of the Eurobond primary market for 2012.", says Eric Hottelart, Senior Banker.