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Origin Documentation, soft-launched in July 2020, automates the production of transaction documentation pre- and post-bond issuance. Origin worked with Crédit Agricole’s treasury and Crédit Agricole CIB’s Debt Capital ...

CASA sees efficiencies in Origin auto-docs

Case Studies

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The US may be taper-whispering, but the European Central Bank cannot return to its pre-pandemic level of bond buying until at least the end of 2022, even if the recovery continues, argues Crédit Agricole CIB Eurozone ...

Too soon to talk about ECB tapering

From CACIB

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BayernLB achieved the tightest re-offer spread for a German euro Tier 2 benchmark when it sold the first green Tier 2 from the country on 16 June, a €500m 10.25 non-call 5.25 trade priced at 135bp over mid-swaps on the ...

Green helps BayernLB to Tier 2 landmarks

Q&As

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Crédit Agricole SA (CASA) on 20 May launched a novel one-for-one exchange offer for holders of its £500m (€582m) perpetual non-call June 2026 grandfathered Additional Tier 1 instrument, seeking to replace it with a fully ...

Crédit Agricole £500m AT1 exchange tackles Libor, CRR issues

Market

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Persistent signs of a burgeoning US recovery over the summer could lead to the FOMC signalling its tapering strategy as early as the August Jackson Hole central bank symposium or the September policy meeting, according to ...

Managed taper anticipated from September, wider EUR/USD XCCY

From CACIB

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With rates markets having stabilised after a bout of uncertainty, the US credit market last week experienced renewed momentum, allowing an array of European banks to achieve stronger outcomes than available in a more ...

Dollar bank capital hits new highs as rates stabilise, overshadowing cautious euro mart

Market

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Last week was the busiest of 2021 for subordinated insurance issuance, as AIA, Axa and CNP Assurances hit the market with benchmark trades, with the sector having this year proven stable against the backdrop of rates ...

Resilient credit market sets stage for burst of sub insurance hits from AIA, Axa, CNP

Market

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MünchenerHyp issued its first senior non-preferred euro benchmark on Wednesday, a €500m eight year deal that is also its first senior green bond, with the German bank moving to take advantage of persistent demand in ...

MünchenerHyp begins benchmark SNP journey with green first

Market

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Deutsche Kreditbank (DKB) became the first bank to sell a euro-denominated senior preferred bond at a negative yield on Monday, after attracting €1.2bn of orders to a €500m five year issue that is the first deal to be ...

DKB breaks senior preferred negative yield ‘taboo’ with GBS first

Market

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The euro primary market last week recovered from a lacklustre opening, with financial institutions now able to take advantage of a severe supply-demand imbalance and benign conditions, and subordinated instruments finding ...

Primary execution improves after subdued New Year start, as supply collapse hits home

Market

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The US dollar market proved attractive for Yankee and US banks alike in the opening weeks of the year, with FIG issuance far exceeding supply in euros and funding levels proving more competitive across the capital structure. ...

Dollar market goes from strength to strength despite USTs sell-off

News in brief

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Abanca opened the euro subordinated space for 2021 with its second AT1 on 7 January, a €375m perpeutal non-call 5.5 trade that attracted over 200 accounts and achieved pricing inside fair value. Alberto de Francisco ...

‘Remarkable’ result buoys early bird Abanca

News in brief