Crédit Agricole Italia al fianco della filiera del Parmigiano Reggiano
Le Quote Latte come leva finanziaria per lo sviluppo delle aziende agricole
Crédit Agricole Cariparma has successfully launched today the first Italian Covered Bond issue of 2017. The outstanding results of the deal, proposed to the market in a dual-tranche format, confirm the investors appreciation for Crédit Agricole Cariparma credit and OBG format resilience in a challenging market backdrop.
The tranches have the following characteristics:
- Eur 750 million, 12-year (maturing March 21 2029), priced at mid swap plus 65 basis points and 1,625% annual coupon;
- Eur 750 million, 8-year (maturing March 21 2025), priced at mid swap plus 53 basis points and 1,125% annual coupon.
The deal was announced on 13th March and executed into the market the day after: books opened at 9:15am and closed at 11:35 collecting Eur 1.75bn for the 8y tranche and Eur 1.1bn orders for the 12y. The transaction has been driven by private/foreign investors demand.
The transactions, managed by Crédit Agricole CIB, joint bookrunners Danske Bank, ING, LBBW, Santander, Unicredit Bank AG, is part of the € 8 billion Residential Mortgages Covered Bond Program.
Moody’s Aa2 rating is expected for both tranches.