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Crédit Agricole stuns market with $25bn book for debut AT1

Crédit Agricole pulled together the biggest ever order book for an additional tier one trade on Wednesday, finding a whopping $25bn of demand for its $1.75bn perpetual non-call 10 year debut in the deeply subordinated asset class. If further evidence of the grab for yield was needed, this was it — even though the leads themselves admitted that the deal was priced way through fair value.

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