High hopes for ECB buying; DexMA to perform

European credit markets had a slightly better day on Wednesday, with Bund yields rising 10bp to 1.83%, peripheral bond markets tightening versus Germany and equities rallying. The modest respite provided a window for Credit Agricole to jump through with an opportunistic €200m tap of its January 2021s. At mid-swaps +110bp, pricing was in line with its outstanding deal and was driven by reverse enquiry and short covering.