Crédit Mutuel Arkéa sold a seven year non-preferred senior note on Thursday, in a market where investors are thirsty for supply. The €500m deal attracted €2bn of orders — demand that even surprised the arrangers, given that funds are still ignoring growing risks around a no-deal Brexit.
Joint bookrunners Crédit Agricole, Crédit Mutuel Arkéa, DZ Bank, Santanderand UniCreditwent out with initial price thoughts of 175bp over mid-swaps on Thursday morning.
But they were able to close the transaction with a much tighter spread of 145bp over.
Crédit Mutuel Arkéa last issued a non-preferred senior deal