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◆ First offshore deal in sterling since PRA debacle in April ◆ Canadian undersupply driving demand ◆ Euro still better despite the UK Treasury's equivalence plans
German lender finds demand after record-breaking Pfandbriefzentrale deal
◆ Deal attracts more than €10bn ◆ Rarity of name and jurisdiction fuels demand ◆ No premium needed to take size
◆ First deal since Crelan/AXA Bank Belgium merger ◆ No premium paid ◆ Capped size allows for focus on price
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Demand was good for the rare Finnish deal, but the result of a six year from Arkéa was less clear cut -
Interest was driven by a higher than usual proportion of international demand
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The transaction was priced flat to more established names
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With Tuesday’s deal, Crédit Agricole will have fulfilled slightly more than 60% of its funding plan for 2022
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Flood of cash came into the deal early on due to pent-up demand
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Rising swap rates open opportunities for arbitrage at attractive yields
