Dexia MA pays right price for swift execution

Dexia Municipal Agency’s Eu1.5bn three year obligations foncières issue was priced yesterday (Wednesday) at 3bp through mid-swaps after the swiftly executed deal attracted more than Eu2.2bn of demand by 2pm CET. Market participants said yesterday that the French issuers’ ability to execute quickly was thanks to the attractive pricing level versus recent German and other French supply.