Smooth entry for CM Arkea, but SNP not yet of age

摘要

Credit Mutuel Arkea bypassed a roadshow for an inaugural senior non-preferred bond issue last week, a sign of growing familiarity among investors, though plenty of challenges still lie ahead for the emergent asset class. After more than €50bn-equivalent of issuance in 2017 and at least €500bn more to come in the coming years, the bail-in-able senior (also known as Tier 3) is on track to become the largest single sector of bank debt, according to Morgan Stanley.