Crédite Agricole, the first Italian green bond issue
Bonds for € 500 million with a duration of 12 years
Crédit Agricole Italia strengthens its commitment to the environment through the first Italian issue of Guaranteed Banking Bonds (OBG) in Green format for € 500 million with a duration of 12 years. The operation, in line with the Group's Green Finance objectives, is aimed at financing or refinancing a pool of residential mortgage loans selected with sustainability criteria and disbursed for the purchase of highly energy-efficient properties. By applying eligibility requirements in compliance with the best practices on Environmental Sustainability, mortgages for the purchase of residential properties with class A, B and C energy certification or, in the absence of this, newly built properties (starting since 2016), according to the principle of the best 15% of the most energy efficient buildings in the country.
The issue received the certification of compliance according to the four fundamental components of the Green Bond Principles 2018 (GBP) by Vigeo Eris, as an independent expert. With a mid swap rate increased by 9 basis points, it has the lowest spread ever recorded by an Italian OBG. The gross annual coupon is 0.125%: 64 bps below the yield of the BTP with a similar residual duration.
The transaction, managed by Crédit Agricole CIB with joint bookrunners IMI-Intesa SanPaolo, Natixis, Unicredit Bank, Raiffeisen Bank International AG, is part of the Green Bond Framework of the Crédit Agricole Group and within the framework of the Covered Bond program of Crédit Agricole Italia, in soft bullet format, of € 16 billion with underlying Italian residential mortgage loans. Moody's is expected to be rated Aa3.
EFA News - European Food Agency