CM-CIC covered pushes hard at size-price combination

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By Bill Thornhill
24 Jan 2018

Crédit Mutuel CIC issued a €1bn eight year covered bond on Wednesday, but with limited orders some bankers feared the transaction was one of the shakiest seen yet in 2018.

At 11am UK time, the €1bn CM-CIC deal had attracted demand of only €1.1bn at a spread of 8bp through mid-swaps. The deal was under guidance of minus 8bp plus or minus 1bp.

Rival bankers feared that the issuer would try for 9bp through, a level that he was ...

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