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02/06/2012 / DEBT & CREDIT MARKETS
November 2011 - Crédit Agricole CIB alongside the European Financial Stability Facility in a bond issue
In November 2011, the European Financial Stability Facility (EFSF), rated Aaa/AAA/AAA successfully issued a new 10-year benchmark. This was the 4th issue of the EFSF, dedicated to the financing to Ireland. The EUR 3 billion transaction pays a coupon of 3.5%.
Crédit Agricole CIB was a joint bookrunner on this deal along with Barclays and JP Morgan.
The issue was executed in a very difficult environment. In terms of geography the repartition is: 14% for the Eurozone, 23% for Asia, 14 % for the United Kingdom. In terms of investor type it is: 32% for central banks and official institutions, 19% for insurance and pension funds and 36% for banks.
The European Financial Stability Facility was created by the euro area Member States following the decisions taken on 9 May 2010 within the framework of the Ecofin Council. The EFSF’s mandate is to safeguard financial stability in Europe by providing financial assistance to euro area Member States.