CNP braves market as issuance and Irish stress tests results weigh on tone

31 Mar 2011

French insurance company CNP Assurances went out with a dual tranche tier two issue on Thursday morning even though the market tone was very cautious ahead of the release of the Irish bank stress tests, which are due in the afternoon.

The issuer is tapping the euro and sterling markets with 30.5 year non-call 10 deals via BNP Paribas, Deutsche Bank and Natixis (active bookrunners), alongside Barclays Capital and UBS (passive bookrunners).

One of the lead managers on the issues said the response from investors so far had been ...

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