Cred Ag and Santander hit 10s in good size

Crédit Agricole and Santander raised a combined €3bn of 10 year covered bond funding on Wednesday, with joint demand of over €5bn. Both deals were special in their own right, with the Spanish deal paying a rare double digit spread over mid-swaps, while the French borrower’s inaugural green transaction will have drawn a rich new seam of demand from buyers with a green investment mandate.