CCF Group signs a highly successful come-back to the covered bond market with a €1bn issuance from CCF SFH, which was 3x oversubscribed.

Paris, 16 January 2025, 

CCF Group signs a highly successful come-back to the covered bond market with a €1bn issuance from CCF SFH, which was 3x oversubscribed.

On January 14th 2025, CCF SFH issued €1bn of covered bond on a 5.25-year maturity at mid-swap + 58 bps. This is the first covered bond issuance under the CCF brand. 

CCF SFH’s transaction gathered strong interests with an order book exceeding €3bn, allowing a spread tightening from 65 bps to 58 bps. Strong market appetite was confirmed on first trading day on January 15th, with a further 1-2 bps spread tightening on secondary market. 

CCF SFH is a strategic tool for the funding of CCF’s home loan business. The group plans to be a recurring issuer going forward on the covered bond market. 

Details on the Transaction 

The yield of the bonds, which are rated Aaa by Moody’s, is 3.098%, a 8 bps premium above the French government bonds.

The order book included more than 120 investors. Germany, Austria & Switzerland represented 34% of the final order book, followed by the Nordics (20%), Eastern Europe (12%), Benelux (10%), Southern Europe (8%) the UK (7%), and France (5%). The deal was equally supported by Funds and Banks, who comprised 64% of the demand, followed by Central Banks & Official Institutions (22%). 

About CCF Group and CCF SFH 

CCF Group is a century-old French banking group active in retail banking and wealth management and in speciality finance. Retail banking activities are operated under CCF brand through a network of branches across France. Specialized financing activities focus on lending to individuals as well as specialized financing for businesses. CCF Group operates in France and has its head-office in Paris. 

CCF SFH (previously known as HSBC SFH) is a subsidiary of CCF Group. 

CCF Group’s Investor Relations website contains additional financial information for investors. https://www.groupeccf.fr/en/investors-area