Crédit Agricole sold a €293m bond exchangeable into French investment company Eurazeo last Thursday (November 21) in what was the first European deal since the start of the financial crisis to have been offered with a negative yield at the tightest end of the indicative price range.
The 2016 zero coupon exchangeable, which was launched alongside a block sale of 3.2m Eurazeo shares (4.68% of the company) by the French bank last Thursday, was offered with a gross yield to maturity of between -0.98% and 0% (an issue price of 100-103). The deal was priced
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