Sterling the place for Agricole, ABN capital
The sterling market was the centre of attention for European bank treasurers this week as Crédit Agricole followed ABN Amro Bank in seeking out the low yields available on bank capital issues.
Crédit Agricole became the first French bank to sell tier one capital in sterling with a £500m perpetual that achieved a better funding cost than Agricole could have found in euros.
ABN Amro, Calyon and Merrill Lynch priced the bonds at 90bp over Gilts, the tight end of the
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