Four banks jump into MREL products on a manic Monday
Financial institutions piled most of this week's debt supply into a busy Monday session, with BPCE, Crédit Agricole, Credit Suisse and KBC Group all launching senior deals for the minimum requirement for own funds and eligible liabilities (MREL) at the same time. All four lenders came close to fair value for their offerings.
Crédit Agricole began a sale of five year non-preferred senior debt with price thoughts of 90bp area over mid-swaps.
Some 120 accounts had registered interest of about €2bn when the French bank guided investors towards a tighter reoffer spread of 75bp area plus or minus 5bp.“Appetite is ...