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Going into the final quarter of 2023, the outlook is uncertain after the Fed at its last meeting hammered home its “higher for longer” message. But although the credit market remains subject to the whims of the rates ...
Tone downbeat in wake of hawkish Fed, but selective opportunities for issuance remain
Market
Crédit Agricole braved a downbeat tone in the US dollar primary market on Monday and was rewarded with a $6bn book that allowed it to price its largest deal in the currency since 2014 and all but conclude the French ...
CASA gets $6bn book for $1.75bn SNP return
News in brief
A slew of downgrades could result from the latest EC proposals to reform the EU resolution framework, while smaller and medium-sized banks could approach the capital markets for MREL issuance. However, with national ...
CMDI proposals could prompt downgrades, MREL supply, but tough discussions ahead
Focus
The Italian covered bond market is set to reopen in June after almost a year’s hiatus, with the first new OBGs eagerly awaited since the Bank of Italy finalised its framework in March. On 17 May, Crédit Agricole CIB ...
OBGs: Back in business
Focus
The resumption of euro unsecured bank issuance today (Tuesday) comes on the back of a rapid recovery from post-SVB and Credit Suisse lows, with even AT1s having rebounded strongly. The ball is now in the court of central ...
Euro bank debt recovers strongly to reopen ahead of Easter, as rate outlook improves
Market
Axa issued the first euro subordinated FIG transaction in four weeks today (Tuesday), a €1bn 20.25 year non-call 10.25 Tier 2 that attracted some €4.6bn of demand and landed at a new issue premium of just 10bp, ...
Axa €1bn Tier 2 restarts sub debt, after insurance outperforms
Focus
Nordic banks are among the best positioned in Europe to ride out the uncertainties facing the banking sector in 2023, according to Crédit Agricole CIB bank analysts Gwenaëlle Lereste and Pascal Decque, highlighting the ...
Nordic Bank Day: Safe haven picks for 2023
From Crédit Agricole CIB
With market conditions having cooled in the past fortnight on the back of surprisingly strong data out of the US but also Europe, issuers can expect to encounter more modest demand and pay higher new issue premiums than ...
Pause for thought after blistering FIG start as volatility rises on persistent inflation prints
Market
The European Banking Authority, European Central Bank and Single Resolution Board shared insights into their latest work and priorities in a Crédit Agricole CIB web conference ahead of the new year. Neil Day reports their ...
The 2023 Regulatory Angle: EBA, ECB & SRB on their supervisory priorities
Regulation & ratings
With the new year approaching, Crédit Agricole CIB invited investors to a roundtable in Paris on 1 December to discuss how 2022 played out and what they expect for the primary FIG market in 2023. What monetary policies can ...
Normalisation of monetary policies: How will the primary FIG bond market be impacted in 2023?
Focus
While GSS bonds have hitherto represented a way for issuers and investors to engage on sustainability, ESG is being integrated more broadly and deeply into their strategies. Regulatory initiatives are furthering this move, ...
CACIB’s 2nd ESG Bank Day: Greening the business model
From Crédit Agricole CIB
A collapse in spreads on the back of technicals and a positive reading of the latest economic and geopolitical developments paved the way for Toronto-Dominion to tap the euro market today (Monday), but imminent downside ...
TD Bank hits euros as spreads rebound, but positivity set to be tested in ‘critical week’
Market
