Crédit Agricole
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◆ Weaker and more volatile market but funding conditions attractive for banks ◆ Crédit Agricole, ING and MUFG turn to dollars ◆ Torrent of tier two -
◆ Deal lands at record spread through OATs ◆ Immediate performance pushes OAT spread tighter ◆ Investors still keen despite tight price
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◆ Senior non-preferred green deal brings back larger funding in a single, longer maturity ◆ Small concession paid ◆ Senior preferred Kangaroo in belly of curve to follow
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Analysts warn of spillover from potential sovereign downgrade, threatening regulatory treatment and spreads of agency bonds
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FDJ United block priced at a tighter discount than November deal
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Peugeot Invest sells remaining Spie shares at tight discount
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Bank goes further than Crédit Ag and SocGen in avoiding regulatory call
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◆ Inaugural green deal from issuer ◆ Low beta offering draws good order book ◆ Investors may be looking further up the capital stack
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◆ Takes larger size than expected ◆ Tightens 3bp to leave minimal premium ◆ French issuers fairly well funded before the summer
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◆ Hesse prints largest European regional green bond ◆ ESM builds 'massive' book ◆ CDP tightens pricing by 6bp
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◆ IDA fair value more art than science ◆ MuniFin gets over 140 accounts in its book ◆ Madrid makes debut EuGB trade
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Improved all-in funding conditions lure a host of European banks to the US as Citi emerges with jumbo opco trade
