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SG and CM-CIC covered bonds win top marks, Caffil has scope to improve

Horse race from PA 230x150
By Bill Thornhill
21 Feb 2019

Société Générale’s €1bn eight year and Credi-Mutuel CIC’s €1bn five year are leading the way with the highest mark of all French covered bonds issued this year on GC Bond Marker. But with the survey still open on Caffil’s recent €1bn 10 year social debut, these two issuers could well be knocked off the top spot.

GC BondMarker is a new tool for the covered bond market, exclusive to GlobalCapital, which rates the success of covered bonds on a scale of zero to 10 across a range of criteria: timing, pricing and distribution (*).

Nine French euro benchmarks have been issued so far this year, of which six were €1bn or more. SG’s €1bn January 2027 and Credit Mutuel CIC’s €1bn April 2024 have led the way do far scoring 9.26 each.

Both deals have performed by at least two cash points in the week after they were launched, they both attracted more than 100 investors and they both managed sizeable oversubscription ratios: 3x for SG and 2.7x for CM-CIC.

However, as the survey is only open for a two-week period for each deal, market participants can no longer vote on this pair. 

They can however still vote on BPCE’s €1.75bn September 2027 and Caffil’s inaugural social covered bond, a €1bn February 2027.

With a €2.6bn order book and 110 investors, Caffil’s transaction stands out, not least because it was the first French covered bond to raise funds for a social cause, as well as being the issuer’s first.

At €1.75bn, BPCE’s deal was notable for its size and although the order book was only 1.2 times subscribed, the deal has managed to tighten 1bp since launch.


Half of the mark is derived from a survey based on the average score given by market participants. 

The other half of the mark is automatically calculated using a range of metrics — such as the deal’s subscription ratio, its performance, the granularity of the order book and the transaction’s size (see here for more details). The score for each deal can be found in the Covered Bonds Priced Deals Database.   

By Bill Thornhill
21 Feb 2019