BFCM adds to non-pref supply with long dated deal

By David Freitas
26 May 2020

Banque Fédérative du Crédit Mutuel tested appetite on Tuesday for a 10 year non-preferred senior deal, with supply in the asset class having slowed to a near standstill during the coronavirus pandemic.

A rally in credit spreads and equity indices was helping to pave the way for new credit supply at the start of the week.

BFCM found room to launch €1bn of 10 year non-preferred senior paper at 143bp over mid-swaps on Tuesday, supported by €3.5bn of demand.

The French lender ...

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