Crédit Agricole
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Bank goes further than Crédit Ag and SocGen in avoiding regulatory call -
◆ 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
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◆ ADB, KBN, OeKB price bonds ◆ Spreads to Treasuries in the spotlight ◆ Big books for all
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◆ New deals land close to, if not at, fair value ◆ Book attrition visible amid competing corporate supply ◆ Seemingly no rivalry between senior FIG deals
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◆ Larger deal than its previous subordinated sterling issuance ◆ Funding cost comes close to euros ◆ Two ways to construct fair value
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◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF
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◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly
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◆ Large book, small concession ◆ Merz stumbled on the path to power ◆ 'Remarkable stability' in Bunds
