AFD snags €1.5bn, but market slowing

Euro fire FA 230
By Lewis McLellan
08 Apr 2020

Agence Française de Développement raised €1.5bn on Wednesday with a 10 year Reg S benchmark. While the deal was fully subscribed, pricing was not tightened from guidance, indicating that the frothy moves of the last three weeks may be slowing.

The leads, BNP Paribas, Crédit Agricole, Goldman Sachs, JP Morgan, Natixis and Société Générale, fixed the spread in line with guidance at 42bp over OATs.

The final book was over €1.7bn, of which €65m came from joint lead managers.

“Versus the secondary ...

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