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12/30/2011 / FRANCE / DEBT & CREDIT MARKETS
October 2011 - Crédit Agricole CIB joint bookrunner for RATP bond issue
On October 12th 2011, Régie Autonome des Transports Parisiens (RATP) successfully priced a transaction of EUR 400 million for a 15-year maturity. Crédit Agricole CIB acted as joint bookrunner on the transaction.
On the back of the recent sell off of the Bund and subsequent increase in long term rates, RATP successfully took advantage of the available window to announce a 15-year transaction.
Books opened early afternoon with the issuer targeting a minimum size of EUR 300 million. The objective of this transaction was capturing the demand in the long-end from investors keen on better yielding transactions coming from high quality AAA signatures.
On the back of the recent sell off of the Bund and subsequent increase in long term rates, RATP successfully took advantage of the available window to announce a 15-year transaction.
Books opened early afternoon with the issuer targeting a minimum size of EUR 300 million. The objective of this transaction was capturing the demand in the long-end from investors keen on better yielding transactions coming from high quality AAA signatures.
The response from investors demonstrated this transaction answered to their demand: within two hours, books reached approximately EUR 420 million. Consequently, the issuer set the final size at EUR 400 million and priced in line with the guidance at m/s+75 bp. In addition, due to a late interest from a high quality investor, the transaction was upsized the day after to EUR 450 million.
The transaction attracted top quality buy-and-hold investors. In terms of geographic distribution, the new issue benefitted from a strong domestic bid with French taking 76% of the transaction. By investor type, insurance companies took the bulk of the issue (66%) followed by banks (18%), asset managers (10%) and central banks / official institutions (6%).
The transaction attracted top quality buy-and-hold investors. In terms of geographic distribution, the new issue benefitted from a strong domestic bid with French taking 76% of the transaction. By investor type, insurance companies took the bulk of the issue (66%) followed by banks (18%), asset managers (10%) and central banks / official institutions (6%).