Crédit Agricole hints at enduring value of preferred senior

By Tyler Davies
27 Apr 2017

When Crédit Agricole looked long term for a new vanilla senior bond this week, it shed light on the future composition of bank funding structures. As central banks start to close the doors to their funding schemes, financial firms are going to want good access to the liquid markets for both preferred and non-preferred senior bonds alike.

Market participants have been keenly focused on the new forms of bail-inable bond that European banks will have to issue to comply with the total loss-absorbing capacity (TLAC) requirement, or the minimum requirement for own funds and eligible liabilities (MREL).

But banks still have funding needs that regulatory ...

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