Surprise! BFCM and SMBC sneak into senior

Bankers complaining about the lack of issuance in senior unsecured earlier in the week were silenced on Tuesday as Banque Federative du Crédit Mutuel brought a 6.5 year euro deal and SMBC Nikko a short sterling floater. Market participants bickered about how much premium BFCM was offering, but conceded that the deal was well executed, if a little on the cheap side.