Crédit Agricole

The covered bond market is taking the limelight this week, with five borrowers from Germany, France and Italy issuing deals at vastly different funding levels, and with very different outcomes. Senior was slower to start, after last week’s sell-off, and while capital deals are promised, they have yet to materialise.

Crédit Agricole has finally been facing up to reality and reining in its ambitions. But as David Rothnie writes, the strategy means that the firm’s investment banking division is now a shadow of its former self.