BFCM jumps in at sterling’s deep end
Banque Fédérative du Crédit Mutuel was looking to lay the foundations of its sterling curve on Monday morning, and decided to jump straight into the market with a 10 year senior unsecured deal.
The French bank hired Lloyds and UBS to sell the deal, putting out initial price thoughts in the Gilts plus 155bp-160bp area just after 11am in London.
BFCM printed a £200m three year floating rate medium term note on May 8 at 60bp over three month Libor, but
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