Dexia MA offers week’s first new issue

Dexia Municipal Agency is in the market with the first covered bond of the week, an eight year benchmark being marketed in the 55bp over mid-swaps area. Barclays, BNP Paribas, Dexia Capital Markets, HSBC, and UniCredit have the mandate for what will be the French institution’s second obligations foncières issue this year, and its first after the European Commission last week approved Dexia’s restructuring plan. Read EuroWeek this Friday to find out if other issuers follow Dexia MA’s move.