Credit Agricole refinances ECA loans via public covered bond

Credit Agricole has launched an inaugural Public Sector covered bond backed by a €1 billion portfolio of aircraft ECA guaranteed loans from COFACE, ECGD and EULER-HERMES originated by CA-CIB for 58%, with the remaining 42% consisting of non aircraft export credit loans. The bond were issued by Crédit Agricole Public Sector SCF, the bank’s new société de crédit foncier dedicated to public-sector refinancing, which is a wholly-owned subsidiary of Crédit Agricole. This bond is part of a wider €10 billion programme for the French bank to provide a recurring source of refinancing for its export credit business. In a statement