La Banque Postale hires bookrunners for benchmark social bonds

Chicago, Jan. 20 – La Banque Postale mandated bookrunners for an inaugural benchmark offering of covered social bonds, a market source reported.

The euro-denominated bonds will have an eight-year tenor with a soft bullet for call protection.

BBVA, Commerzbank, Credit Agricole CIB, IMI-Intesa Sanpaolo, ING and La Banque Postale are working as bookrunners.

Distribution will be through Regulation S channels.

Quick comps show the bonds might be expected to price out between the mid-swaps plus 14 basis points to 24 bps area.

The issuer is a postal bank based in Paris. The bank manages retail savings through the French network of post offices.

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