Crédit Agricole
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Markets adjust to bumpy French political landscape as it mimics past Italian wobbles -
◆ Playing for size at 'defensive' tenor ◆ Some concession paid ◆ Better to print now than in 'crowded' January
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Six covered bonds were issued in three days this week but there is uncertainty over the pipeline from here
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◆ Weaker and more volatile market but funding conditions attractive for banks ◆ Crédit Agricole, ING and MUFG turn to dollars ◆ Torrent of tier two
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◆ Deal lands at record spread through OATs ◆ Immediate performance pushes OAT spread tighter ◆ Investors still keen despite tight price
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◆ Senior non-preferred green deal brings back larger funding in a single, longer maturity ◆ Small concession paid ◆ Senior preferred Kangaroo in belly of curve to follow
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Analysts warn of spillover from potential sovereign downgrade, threatening regulatory treatment and spreads of agency bonds
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FDJ United block priced at a tighter discount than November deal
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Peugeot Invest sells remaining Spie shares at tight discount
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Bank goes further than Crédit Ag and SocGen in avoiding regulatory call
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◆ Inaugural green deal from issuer ◆ Low beta offering draws good order book ◆ Investors may be looking further up the capital stack
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◆ Takes larger size than expected ◆ Tightens 3bp to leave minimal premium ◆ French issuers fairly well funded before the summer
