CCF Group Successful €225m AT1 Issuance

BusinessWireJune 7, 20243 min

On Wednesday, June 5th, CCF Group successfully closed its first Additional Tier 1 (AT1) issuance following the acquisition of HSBC’s retail banking activities in France.
The Group issued €225 million of AT1 further enhancing its very strong capital position. As a result, the Group’s proforma Total Capital Ratio now exceeds 20%. Concurrently, the Group launched a tender offer for the existing €100 million of AT1 instruments issued in 2019.

Prior to announcing this operation on June 3rd, the Group conducted an extensive investor roadshow, effectively paving the way for this successful market reentry.

Following overwhelmingly positive feedback from high-quality investors the transaction was launched with a 9.5% coupon. The order book peaked at nearly €500m (a 2.2 times oversubscription), allowing for a price tightening to a 9.25% coupon.

“This successful issuance marks a key milestone for us, showcasing the bank’s solidity and reflecting the broad confidence of our investors. We are very pleased with the outcome of the transaction, both in terms of size and investor participation. We extend our warmest thanks to our investors for their trust and confidence” said Niccolo Ubertalli, CCF Group’s CEO.

In terms of allocation, the bonds were distributed to 54 investors, including asset managers (61%), hedge funds (21%) and private banks (18%). The investor base was geographically diverse, with significant participation from the UK (53%), France (17%), Southern Europe (13%), Scandinavia (6%), and the US (5%).

With this inaugural issuance, CCF Group has significantly increased and diversified its investor base, establishing its signature and credit story, and setting the cornerstone for its future capital markets issuances.

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