Credit Ag goes for 10s as FIG borrowers turn to sterling

19 Jan 2011

Crédit Agricole is the second bank to turn to the sterling market for senior unsecured funding this week, following a £500m six year deal for JP Morgan on Tuesday. Lead managers Barclays Capital, Crédit Agricole and Nomura have released price guidance of 165bp over mid-swaps area for the French bank’s 10 year issue.

A banker away from the deal said that the price talk appeared generous at first glance, but that a decent new issue premium was necessary given the conditions.

“Issuers should be out with generously priced deals in this market,” said the syndicate official. “In reality it’s more about ...

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