DNB and Crédit Agricole each raised EUR1.5bn on the back of books above EUR1.7bn today (Tuesday), the latter evincing encouraging demand for 10 years after a muted UniCredit deal on Friday. Caffil has mandated a six and 15 year trade, while Westpac is opening US dollar supply.

After last Thursday announcing a mandate for a euro benchmark 10 year trade, Crédit Agricole Home Loan SFH leads Crédit Agricole, Natixis, NatWest, SG and UniCredit went out with guidance of the mid-swaps plus 26bp area, plus or minus 2bp will price in range. Books surpassed EUR1bn after around an hour and twenty minutes, and then EUR1.5bn after almost two and a half hours, when the spread was set at 24bp. The size was ultimately set at EUR1.5bn on the back of more than EUR1.7bn of demand.

Bankers at and away from the leads were encouraged by the 10 year deal’s positive reception, after UniCredit on Friday sized a planned euro benchmark in the maturity at the minimum EUR500m on the back of a book above EUR600m, and priced it in the middle of guidance.

“Ten years is still a somewhat challenging tenor, but Crédit Agricole seem to be getting it done successfully,” said a syndicate banker away from the leads, who suggested that UniCredit had not been helped by ambitious pricing and idiosyncratic factors.

A banker at one of Crédit Agricole’s leads said that setting the spread range from the outset – in line with BayernLB and BNS deals on Friday – had been a factor in the deal’s reception.

“It has not been obvious that 10 years is the place to be at the start of the year, but this went very well,” he said. “Giving a heads-up about where we might move the trade certainly helped the momentum.”

He put the new issue premium at 4bp-5bp, based on Crédit Agricole 2028s at 19bp over and 2031s at 20bp. A banker away from the leads said that the pick-up was nevertheless 7bp-8bp versus where secondaries had been trading before the deal was announced on Thursday. The lead banker, however, noted that the whole market had widened, and suggested that the Crédit Agricole outstandings had only underperformed by perhaps 1bp.

DNB Boligkreditt leads Credit Suisse, DNB, LBBW, Natixis, TD and UniCredit went out with guidance of the mid-swaps plus 22bp area for the Norwegian’s seven year trade this morning. The book size was reported at above EUR1bn after an hour and the spread was set at 20bp on the back of more than EUR1.7bn of demand after a little over two hours.

A banker away from the leads put the new issue premium at around 4bp – the lower end of this year’s issuance – based on DNB September 2026s being at 17bp, mid.

Caffil has mandated Barclays, Citi, Natixis, Santander and SG for a two-tranche, six and 15 year euro benchmark, which is expected tomorrow (Tuesday).

Westpac opened the US dollar covered bond market with a five year trade today. Leads HSBC, RBC, TD and Westpac went out with initial price thoughts of the 60bp over mid-swaps area and revised this to guidance of the 58bp area.