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Credit Agricole to print inaugural senior non-preferred at 115bp
December 13, 2016 / 11:13 AM / a year ago

Credit Agricole to print inaugural senior non-preferred at 115bp

LONDON, Dec 13 (IFR) - Credit Agricole has set the final spread on its 10-year euro senior non-preferred bond at mid-swaps plus 115bp, the tight end of revised guidance, according to a lead manager.

Orders for the first issuance of this new type of senior bond have topped 5bn. The deal, which is expected to be rated Baa2/BBB+/A, will price later on Tuesday.

The French lender started marketing the 10-year euro benchmark at mid-swaps plus 125-130bp. It was revised to mid-swaps plus 120bp area, to be priced within a 5bp range of this level when orders reached over 3.75bn.

Credit Agricole is sole bookrunner. Commerzbank, Goldman Sachs, HSBC, JP Morgan and Natixis are joint lead managers. (Reporting by Helene Durand, editing by Robert Smith)

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