Créd Ag proves popular for AT1 amid Italian M&A rumours

Tyler Davies

October 07, 2020 01:00 pm

Credit_Agricole_PA_575x375_071020 — Moody's ratings agency said Wednesday Sept. 14, 2011, it had downgraded by one notch top French banks Societe Generale and Credit Agricole while leaving BNP Paribas on negative watch. Credit Agricole's rating slid from Aa1 to Aa2 while Societe Generale was cut from Aa2 to Aa3. Shares in all three banks have plummeted in recent weeks on exposure to Greek sovereign debt and turbulence caused by the eurozone debt crisis. File picture : Credit Agricole SA headquarters are pictured in Paris, France, on November 28, 2002. Photo by Lucas Schifres/ABACA. | Schifres Lucas/ABACA/PA Images

Crédit Agricole was set to launch a tightly priced new additional tier one (AT1) in the euro market on Wednesday, as investors had to consider whether the French bank was looking to expand its footprint in Italy.

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Tyler Davies