CM-CIC and Muhyp add to sterling covered bond flow

18 Apr 2013

Crédit Mutuel CIC became the first French issuer to tap the sterling covered bond market for more than five years on Monday as it and Münchener Hypothekenbank joined the growing list of foreign banks that have tapped the blossoming sector.

After issuing a €1.25bn seven year deal on Monday, Crédit Mutuel CIC opened books for a £250m three year floating rate covered bond through sole lead HSBC, which had identified reverse enquiry for the borrower at 30bp over sterling Libor.

With a triple-A rating from all three major rating ...

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