CA starts pre-funding with €1.25bn five year
Crédit Agricole took advantage of last week’s spread compression to start pre-funding for 2013 with a €1.25bn five year senior unsecured deal on Thursday. Bankers said that market tone should provide other issuers with the impetus to pre-fund.
Books on the self-led trade were opened at initial price thoughts of 105bp110bp over mid-swaps area. That was tightened in to 103bp for the final spread. Orders totalled around 2bn understood to be all comfortable at the tighter pricing level when they were closed around 11am.
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