Banks plunder sub as senior reopens
After Intesa Sanpaolo Vita — the Italian lender’s life insurance unit — hit the subordinated debt market on Tuesday, Credit Suisse followed suit with a euro-denominated Coco on Wednesday. Crédit Agricole’s Coco was delayed by a last minute documentation change, but the FIG markets are on a roll, with SEB and Macquarie bringing senior trades.
Credit Suisse’s deal is the first ever euro-denominated Coco — sole bookrunner Credit Suisse went out with initial pricing thoughts of low 400bp area over mid-swaps on Wednesday morning for the 12 year non-call seven instrument.
Crédit Agricole, meanwhile, was forced to postpone its debut Coco
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