Crédit Agricole

Insurance arm of French bank invests in European rating agency in support of European financial sovereignty

◆ Pricing tight despite 'conservative' start ◆ Dollar market still has the edge over euros ◆ Fellow European agency prints in euros

A busy pipeline is forming in the SSA market as the EU preps its next scheduled transaction

◆ Spreads too good for banks to regret issuing ◆ One of the busiest September starts in US FIG ◆More than a dozen foreign banks print over $27bn in just three days

◆ German real estate lender to print first subordinated note in a decade ◆ Crédit Agricole Assurances copmpletes bullet with no book attrition ◆ Insurer uses proceeds to buy back two perpetual notes

◆ Kommuninvest spread surprises bankers ◆ KommuneKredit takes twice covered book ◆ ‘A tough one at the moment’ for euros

Equity capital markets agreement has worked well for CA in Europe

Bankers split on expectations as ‘everyone has been in the market’

◆ Crédit Agricole brings subordinated sterling deal ◆ Sabadell mandates a sterling debut ◆ Investors 'starved' by 'unwilling' issuers

◆ Issuer takes advantage of robust short end demand ◆ Size is ’best outcome’ for investors ◆ Tricky balance of swap and US Treasury spreads

◆ Short dollar deal came with huge savings ◆ A long euro followed ◆ Issuer to look at PPs and taps for arb funding

◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow