Tier two mandates arrive as investors seek spread
![CARENTAN, FRANCE - JULY 2014: Branch of Credit Mutuel in Normandy. Credit Mutuel is a major French bank](https://assets.euromoneydigital.com/dims4/default/b2cccd2/2147483647/strip/true/crop/5472x3648+0+0/resize/840x560!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F8c%2Feb%2F82bb4a2a405dbc503f2822454646%2Fcm2.jpg)
◆ GACM 'a good name' and should garner orders ◆ Crelan had delayed debut last week ◆ Investors may turn to tier two for spread, though some bankers less constructive
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