CPI Property Group has issued €600m worth of bonds at an interest rate of 2.125 percent. The notes have a Baa3 (stable) rating from Moody’s and were issued at 99.039 percent of their nominal amount under the CPI’s €1.25bn Euro Medium-Term Note (EMTN) program. The bonds raised strong interest, having been more than three times oversubscribed with an orderbook closing at €1.9bn with 137 investors. The main demand came from the UK (41 percent) followed by Germany (22 percent), France (16 percent), Benelux (10 percent), Nordics (3 percent), Southern Europe (4 percent) and the rest of world (4 percent). Fund managers took 84 percent of the issue, followed by insurance/pension funds at 7 percent. Banks and hedge funds took 6 percent. The notes are being listed on the main market of the Irish Stock Exchange. Deutsche Bank, Société Générale and UniCredit Bank served as global coordinators and joint bookrunners on the transaction.
