CRH enjoys stellar reception in covereds despite plunging yields

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By Bill Thornhill
28 Jan 2020

Caisse de Refinancement de l’Habitat (CRH) managed to attract demand of more than €6bn for its two part eight and 15 year transactions issue on Tuesday, with the bonds pricing tighter than where BPCE recently issued similar deals and with considerably more demand — despite a 22bp plunge in yields and with consistent demand from the European Central Bank.

CRH opened order books on Tuesday for the eight and 15 year covered bonds with initial guidance set at 7bp area and 12bp area over mid-swaps respectively. The deal was quick to attract early order momentum with a combined book of €4bn reported one hour into the process ...

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