Highly successful first transaction of the year for SFIL Group

12 January 2021

SFIL Group has successfully launched its first transaction of the year. It was issued under covered bond format by CAFFIL with a maturity of 10 years and an issuance volume of EUR 1.5 billion. In the context of low levels of activity in the primary market for covered bonds, the anticipation of negative net supply for the market in 2021, and the accommodating ECB policy, CAFFIL has been able to benefit from a favourable dynamic, both in terms of order book volume and issue price.

With EUR 3.3 billion in orders and a subscription rate of x2.2, it is CAFFIL’s largest order book for a non-thematic 10 year covered bond transaction since 2013. This transaction attracted 75 different investors – including 5 new investors for the Group – with a highly granular orderbook allowing a well diversified geographical and institutional distribution. It is the 6th CAFFIL transaction without new issue premium out of the 24 non-thematic transactions launched since 2013, it is also the 6th transaction of the Group with a negative yield for a total amount of almost EUR 7 billion since 2019.

More information here

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