The books for the 5-year covered bond launched this morning by Credito Emiliano are about to close. The amount of the issue has been set at 750 million euros, against orders that have already exceeded one billion and 500 million euros. The success of the Emilian bank's bond meant that the yield guidance was reviewed in the area of 90 basis points above the midswap rate from the 95 basis points indicated at the opening.
The placement, which will be priced this afternoon, is handled by a pool of banks made up of Barclays, Bnp Paribas, Credit Suisse, HSBC and SocGen Cib. The expected rating of the issue is A2 by Moody's and A+ by Fitch.
