Caisse de Refinancement de l'Habitat
Rating: Aaa/AAA
Amount: Eu850m
Maturity: 25 April 2018
Issue/re-offer price: 97.95
Coupon: 4%
Spread at re-offer: mid-swaps plus 4bp
Launch date: Tuesday 13 June
Payment date: 30 June
Joint books: BNP Paribas, Calyon, HSBC, Ixis, Natexis Banques Populaires
Bookrunners' comment:
CRH has issued one new transaction per year since 2003, which it taps over time to take them up in size.
In terms of size Eu850m is large compared with previous deals, which are typically around Eu500m. The main target audience was French investors.
We made good initial sales in the primary phase and, since the market backed up today (Wednesday), we have seen follow-on demand from French insurers. Sales were made at mid-swaps plus 4.5bp, which is 1bp cheaper than where CRH 2017s are trading.