Agencies unlikely to follow CDC’s Samurai

Caisse des Dépôts et Consignations sold its debut Samurai and the first in syndicated format from a western European issuer in more than two years this week. But despite super low pricing versus yen swaps — two tranches were priced through swaps, the first time for a syndicated Samurai in decades, according to the leads — a difficult basis swap means that few eurozone agencies are likely to follow.