CRH returns, demand drops €1.4bn versus last outing

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By Bill Thornhill
20 Nov 2019

Caisse de Refinancement de l’Habitat (CRH) returned to the covered bond market on Wednesday to issue a €1bn seven year covered bond, but attracted €1.4bn less demand than for its €1bn 10 year, issued in October.

After mandating leads on Tuesday, CRH opened order books on Wednesday for a seven year benchmark with price guidance of 2bp-4bp over mid-swaps and a commitment to price in that range.

Mindful of growing price sensitivity, the issuer took “the wise and consensual approach” to deliver full ...

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