Emiliano’s strong reception builds confidence
Credito Emiliano (Credem) attracted a great reception for its first covered bond in two years this week. The deal’s success was in stark contrast to last week’s slew of primary covered bonds and reflected the attractive premium that was offered, the issuer’s marketing efforts and, most importantly of all, the more stable market conditions.
Credem had been on the road visiting investors as long ago as May. The Baa3/BBB/BBB+ rated borrower visited clients from across Europe along with Barclays, ING, Natixis, RBS and Société Générale.
The update was deemed necessary because the issuer had not been seen in the market since June
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