LISBOA, Portugal, Jan. 17, 2014 (GLOBE NEWSWIRE ) –
On January 8th, Caixa Geral de Depostos, the largest Portuguese bank by assets, launched a new and successful covered bond issue. The deal exceeded the highest expectations confirming the strong demand for CGD paper in international financial markets and a visible improvement in the perception of risk by investors.
The deal attracted 212 institutional investors mainly (>90%) from across borders. The issue enjoyed a widespread diversification, led by German and Austrian investors (yielding 26% of the total placement). Asset Managers took 63% of the placement, while Insurance and Pension Funds represented 8% of the total amount.
The overwhelming investor response allowed the order book to grow rapidly, more than 5 times the total offer amount, and a very tight pricing (MS+188 bps), through the existing secondary curve.
This issue affirms CGD’s commitment towards its investor base as a quality issuer, building the yield curve for different maturities.
|Issuer||Caixa Geral de Depósito SA|
|Ratings||Baa3/BBB/A by Moody’s/Fitch/D BRS|
|Security||5 Year Covered Bonds 2019|
|Issue Size||EURO 750 MM|
|Reoffer Yield||MS + 188bps|
|Bookrunners||Caixa BI /HSBC / CAL / COBA / JP Morgan|
Online press release
INVESTOR RELATIONS OFFICE
Full Press Release (PDF) http://hugin.info/158905/R/1755537/592764.pdf