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.
Following a roadshow that was completed last week, Crédit Agricole opened order books on Wednesday for its debut green covered bond with initial guidance of 4bp-7bp over mid-swaps, and a commitment to price in that range. The deal is rated Aaa/AAA/AAA.After 45 minutes joint leads BBVA,