Crédit Agricole dazzles as LT2 unruffled by deferrals

29 May 2009

Crédit Agricole this week became only the second issuer since September to price a lower tier two bond, a Eu1bn deal, underlining the extent to which investors, flush with cash, are piling into riskier assets.

While bankers away from the transaction applauded its execution, describing it variously as "fabulous" and "exactly what accounts are looking for", many were sceptical as to whether it would spark a flurry of lower tier two issuance.

"As with the senior unsecured market, it will be the top issuers ...

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