Crédit Agricole
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Senior bankers promoted in New York, London and Paris
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French agency capitalises on rare capital market visit
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The European Investment Bank and Greece are prepping trades
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Rare issuer brings lone trade in the currency while SSAs fund in dollars
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
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Issuer passes 70% funding mark after upsizing in social format for the first time
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Bpifrance and CEB both take €1.25bn while Kommunekredit returns to sterling
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‘The market is all fired up’ ahead of possible rate cuts from the European Central Bank
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◆ Investors find tier two FIG debt appealing ◆ Simultaneous execution helped by supply and demand mismatch, ECB rate cut expectations ◆ Both deals land flat to FV with multiple times coverage ratios
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Latest Canadian issuer in euros finds little competition
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◆ Issuer notches sharpest tightening since rebranding to land €500m three year close to FV ◆ Virtually no investor drops ◆ BFF Bank may launch social debut on Friday
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The French bank attracted a peak book of over €2.65bn
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MTN banker takes more responsibility after Loynes departure
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Agency achieves record tightening, plans at least one other public bond in 2024
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SSAs vie EU for attention as more issuance expected from Flemish Community
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French issuer embarks on journey to raise €17bn-€19bn of green debt over a decade
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French issuer prints largest bond after unprecedented demand
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◆ Barclays unlocked strong long-end demand for its first dollar trade of 2024 ◆ BlackRock raised $3bn as FIG supply booms
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After a series of wide moves from IPTs, investors were pleased a deal began close to landing
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Agricole issued early in January, but found the market in better health on its second visit
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NWB Bank lands all-time record book
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Covered bonds are popular across Europe, but domestic demand is still king
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Deal priced flat to fair value as UK asset mangers likely buyers
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‘Textbook’ trade takes place in an otherwise quiet market
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Swedish issuer bags largest ever print in single currency with first syndication of 2024
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A pair of German development banks also brought new issues on Tuesday
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Finanzagentur offers 2bp premium for investors with a 5bp concession for Greece
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Supra’s first syndication of 2024 was bigger and priced tighter than expected
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Issuer reveals plans for seven and 30 year combo
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Banks push longer and tighter but investors keep coming back for more
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◆ Strong backdrop means Greek banks issuing no longer 'top of the market' ◆ Oversubscribed deal results in one of the lowest reset spreads on Greek tier two, no NIP ◆ CA Auto Bank issues €900m two year FRN
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◆ French bank's 'stellar' long end outing attracts orders and accolades ◆ Even unusually long senior deals fare well as active funds buy credit ◆ Monday's deal outcomes highlight open access for less frequent issuers
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Crédit Agricole Italia, SaarLB, OP and Tirol greatly boost covered confidence
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Demand for its new 10 year trade finished above €137bn
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Italy takes €15bn from dual tranche sale as bankers advise borrowers to keep going