Caisse des Dépôts issues a new 10-year benchmark bond, a success
Caisse des Dépôts, rated Aa2 (Moody’s) / AA (S&P) / AA (Fitch), successfully launched a new €1bn 10-year bond issue, generating their largest ever orderbook, with the final book reaching over EUR 8.3bn from over 150 investors.
Caisse des Dépôts (CDC) mainly finances its long-term investments with its accumulated reserves, its deposits from the legal professions and on the financial markets. As currently planned, Caisse des Dépôts is likely to issue between €3bn to €5bn long term bonds per year.
The transaction benefited from high-quality investor demand. Banks accounted for the lions share of allocations with 40% followed by insurance and pension accounts with 28%, asset managers with 25% and central banks and official institutions taking the remaining 7%.
In terms of geography, European accounts accounted for the majority of allocations, with the transaction anchored by domestic accounts. French accounts took 44% of allocations followed by Southern Europe with 20%, Germany/Austria/Switzerland with 14%, BeNeLux with 9%, the UK & Ireland with 7% and Scandinavia with the final 6%.
For more information on the bond issue and its technical characteristics, read the press release