Crédit Agricole
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Investors still appear keen to add risk as year end approaches -
Bankers say sterling now offers attractive relative pricing versus euros
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Crédit Agricole and BPCE have pushed out €2.75bn of 10 year and longer senior paper as Crédit Mutuel Arkéa prepares €500m 10 year deal
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Some onlooking bankers had expected a larger trade
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German issuer joined by Iberdrola, Traton and Vonovia in €4.6bn day
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More popular short dated trades helped propel annual covered bond issuance in single currency to new high
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Sterling primary supply also continued with EIB
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Both issuers managed to tighten from guidance by 3bp-4bp
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Strong start to what could be a busy two weeks as corporate issuers get last funding of year done
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Eurofima tightened its ‘attractive’ spread by 3bp but others stayed flat to guidance
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The issuer is returning to a market that has recently seen deals pulled and failed
