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CREDIT SUPPLY: ACAFP SNP: We See FVs at MS+85bp (3.33yr) And MS+115bp (10yr)

CREDIT SUPPLY
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Credit Agricole (ACAFP: A3/A-/A+) issuing senior non-preferred this morning in two tranches. We see fair values on the shorter tranche at MS+85bp area and at MS+115bp on the green 10yr.

  • ACAFP is issuing EUR benchmark senior non-preferred in two tranches; a 4.33NC3.33 and a 10yr green. IPTs are MS+115bp area and MS+150bp area, respectively. Expected ratings are A3/A-/A+.
  • ACAFP has a pretty good SNP curve, trading slightly tight of BNP. So, we see fair value on the shorter tranche at MS+85bp area and at MS+115bp on the longer one.
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Credit Agricole (ACAFP: A3/A-/A+) issuing senior non-preferred this morning in two tranches. We see fair values on the shorter tranche at MS+85bp area and at MS+115bp on the green 10yr.

  • ACAFP is issuing EUR benchmark senior non-preferred in two tranches; a 4.33NC3.33 and a 10yr green. IPTs are MS+115bp area and MS+150bp area, respectively. Expected ratings are A3/A-/A+.
  • ACAFP has a pretty good SNP curve, trading slightly tight of BNP. So, we see fair value on the shorter tranche at MS+85bp area and at MS+115bp on the longer one.