Crédit Agricole
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◆ Italian covered supply returns after four month absence ◆ Crédit Agricole Italia set to reopen long end of the curve ◆ Deal expected to come inside BTPs -
◆ Whether issuer priced through euro curve debated ◆ French bank opting for sterling 'pretty smart tactically' ◆ Euro-sterling cross-currency basis lures other issuers
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One or two German speaking issuers could issue this week
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◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week
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Benchmark funds will pile into core names but January order of business could change as spreads widen
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French banks' 'intrinsic creditworthiness' not hurt by Moody's downgrades ◆ Some analysts eye relative value plays
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CA CIB has grown market share in France but its strategy requires keeping its global reach
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◆ Tenth syndication probably bloc's last for 2024 ◆ Large subscription ratio as usual ◆ January looking 'extremely positive'
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Wallonia and Hamburg tap bonds as bloc mandates tenth syndication
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Fresh supply sets 'encouraging' tone for January — but issuers should expect to still pay up
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◆ Supra returns after two-year hiatus ◆ Deal reopens SSA benchmark issuance, paused since late October ◆ Relative value in focus after end of ECB buying, recent swap moves
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◆ First SSA euro deal sold in nearly two weeks ◆ Rarity, yield and green label lead to 'strong success' ◆ E-supras' curves referenced for pricing
