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FIGCovered Bonds

Crédit Agricole keeps NIP tight

Crédit Agricole Home Loan SFH has tapped its 3.25% March 2017 for €275m, at the tight end of guidance at mid swaps 140bp. Financing on the deal, which has now grown to €1.525bn, was done at very competitive levels. Thanks to the solid reverse enquiry and small size the borrower halved the new issue premium, bucking the trend set by other recent taps.

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