SG CIB also supported CRH in its raising of secured debt in Q3 2011 (30/08/11). With a book of quality orders exceeding €1.7 B, CRH issued €1.5 B with a 10-year maturity at MS+85bp, in line with the official guidance. Insurance and pension funds represented 70% of allocations, and five tickets were greater than €100 M.
This long-maturity operation was the first to come from a French issuer on the Covered Bonds primary market after several weeks of high volatility on the French banking sector. This transaction is also the fourth benchmark issue for CRH in 2011 (with SG CIB as a bookrunner in the four operations).