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.