On 18 August 2020, Crédit Agricole next bank (Suisse) established a CHF 2 billion Covered Bond Programme. The Covered Bonds benefit from a guarantee issued by its subsidiary CAnb (Switzerland) Mortgages Ltd., indirectly secured by a pool of Swiss residential mortgage loans. The Programme is based on an innovative, entirely Swiss law governed structure, and it represents another important milestone for the development of the Covered Bond market in Switzerland.
On 18 September 2020, Crédit Agricole next bank (Suisse) SA completed the inaugural issuance of CHF 200 million Series 2020-1 0.070 per cent. fixed rate Covered Bonds due September 2029 (with extended maturity date September 2030). The Covered Bonds are listed on SIX Swiss Exchange and rated “AAA” by Fitch. Credit Suisse AG and Crédit Agricole CIB acted as Joint Lead Manager.