IFR International - 20.10.2018

CONVICTIONûISvûSAIDûAûSECONDûBANKERûh4HATSû
WHEREûYOURûCLEARINGûPRICEûISv
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)TûISûWORTHûPOINTINGûOUTûTHATû!EGONûISû
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EVENûLONGERûUNDERLININGûTHEûRISKûTHATû
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NON-CORE CURRENCIES

BFCM EXTENDS FRENCH SUPPLY
IN AUSTRALIA

BANQUE FEDERATIVE DU CREDIT MUTUELûRATEDû
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ISSUEû!USTRALIANûDOLLARûBONDSûTHISûYEARûWITHû
LASTû4UESDAYSû!Mû53M ûDEBUTû
+ANGAROOûSALEûOFûlVE
YEARûmOATING
RATEû
SENIORûPREFERREDûNOTES
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PREFERREDûTRANCHE

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COVERED BONDS

EUROS

SANTANDER MAKES SHAKY RETURN

TO COVEREDS

BANCO SANTANDERSûlRSTûEUROûCOVEREDûBONDû

SINCEû*ANUARYûûMETûWITHûLOWERûTHANû

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7HILEû3ANTANDERûWASûINûTHEûMARKETûLASTû

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UniCredit BEGANûMARKETINGûTHEû

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HIGHûTEENSû

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WASûTOOûTIGHTûGIVENûTHEûCHALLENGINGûMARKETû

CONDITIONS

h3ANTANDERûISûAûGREATûBANKûBUTûNOWûISû

MAYBEûNOTûAûTIMEûWHENûYOUûCANûEXTRACTûTHEû

VALUEûOFûYOURûCREDITûINûAûPRIMARYûCOVEREDû

BONDûTRANSACTIONvûHEûSAID

/THERSûWHOûSAWûFAIRûVALUEûINûTHEûLOW

TO

MIDûTEENSûSAIDûTHEûSTARTINGûPOINTûSEEMEDû

FAIRû)TALIANûBANKSûPAIDûASûMUCHûASûBPûTOû

RAISEûCOVEREDûDEBTûINû*ULY

h4HEYREûNOTHINGûLIKEûTHEû)TALIANSûSOûTHEYû

SHOULDNTûBEûPAYINGûMOREûTHANûBPvûSAIDû

ANOTHERûBANKERûAWAYûFROMûTHEûDEAL

!NOTHERûBANKERûAWAYûSAIDûTHATûWITHOUTû

THEûBENElTûOFûHINDSIGHTûHEûWOULDûNOTû

NECESSARILYûHAVEûRECOMMENDEDûTHATû

3ANTANDERûSTARTûWIDER

!NYûOTHERû3PANISHûISSUERSûTHATûMAYûHAVEû

BEENûLOOKINGûFORûOPPORTUNITIESûINûTHEû

COVEREDûBONDûMARKETûWOULDûNOWûDOûWELLûTOû

HOLDûOFFûANDûSEEûHOWûTHEûTAXûNEWSûDEVELOPSû

SAIDûSYNDICATEûBANKERS

h&ORûAûDEALûOUTûOFû3PAINû)ûTHINKûPEOPLEû

WILLûTHINKûTWICEûAFTERûTHISûNEWSvûSAIDûONEû

h0EOPLEûWILLûNEEDûTOûTHINKûABOUTûWHATûTHISû

BONDS COVERED BONDS

ALL COVERED BONDS (ALL CURRENCIES)

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 HSBC 57 10,590.06 5.7

2 LBBW 63 10,537.20 5.7

3 Natixis 51 10,251.85 5.5

4 UniCredit 62 10,210.00 5.5

5 Commerzbank 59 9,666.01 5.2

6 Deutsche Bank 42 8,058.32 4.3

7 UBS 38 7,992.92 4.3

8 Credit Agricole 41 7,620.64 4.1

9 SG 38 7,265.33 3.9

10 Credit Suisse 35 6,997.73 3.8

Total 258 185,343.75

Source: Refinitiv SDC code: J15a