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 its more about