BFCM taps short end

Banque Fédérative du Crédit Mutuel has jumped into the market with a Eu2bn two year FRN, priced at 75bp over Euribor via Citigroup and RBS. It was a good result for the issuer, but another two year deal has not exactly reassured other issuers that there is investor appetite beyond the shorter end of the curve. To find out more about the deal, read EuroWeek this week.