Crédit Agricole
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French industrial tube maker Vallourec has signed a €1.1bn five plus one plus one revolving credit facility from 19 banks. The deal could be a precursor to many more amend and extend exercises this year.
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Crédit Agricole has appointed a new head of global markets for Asia Pacific, following its sale of CLSA to Chinese investment bank Citic Securities.
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The European Banking Authority’s decision to set the hurdle for its upcoming stress tests at 5.5% common equity tier one could inspire an even more diverse range of structural idiosyncrasies in additional tier one and contingent capital instruments, bank capital experts said on Monday.
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UBS proved that appetite for risky, deeply subordinated bank capital instruments was impervious to the travails of emerging markets this week, raking in over €10bn of orders for its 12 year non-call seven tier two Coco and setting the stage for more euro supply from BBVA. -
UBS shrugged off the naysayers’ talk of emerging markets contagion and closed FIG markets on Thursday, launching the year’s first euro-denominated contingent capital deal and raking in almost €10bn of orders by lunchtime.
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Crédit Agricole will go down as the only bank bold enough to print this week, as senior unsecured issuance was hampered by fears of an emerging market crisis. But its long benchmark showed just why others were wary, as it widened after pricing.
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Investors are not charging issuers enough for the additional risk of high triggers for loss absorption in additional tier one and contingent capital deals, because supply is low and the coupons on these instruments are so enticing, FIG market participants said this week.
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Crédit Agricole’s 12 year bond closed at reoffer on Wednesday having traded wider after pricing, but was sliding wider again on Thursday in line with a nervy market that ruled out any follow-on supply.
