CM Arkéa slow to update covered debut

By Bill Thornhill
07 Nov 2019

Covered bond market participants expressed surprise at the sluggishness of book updates on Credit Mutuel Arkéa’s debut public sector covered bond, issued on Thursday morning. But the deal ended up more than twice subscribed with a great deal of smaller orders and little price sensitivity in the book.

Following a week long roadshow CM Arkéa opened order books for its first public sector covered bond, a €500m no-grow due January 2030, through joint leads Crédit AgricoleLBBW, Nykredit, Santander and the issuer’s own syndicate.

Guidance was set at mid-swaps plus 8bp. That compared with 3.5bp over for ...

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