Crédit Agricole S.A. - CASHA

[Onion]

The price of these are up to 92c. That is a significant uplift over the past few months.

I wonder what is driving the price up:

• Confidence that Credit Agricole is on a stable footing? Lower chance of a haircut?
• Confidence that the bonds will be repaid next year? Given the interest rates in other parts of the world it may make sense for them to redeem bonds paying over 5%.

[Xerof]

Probably all of those factors.

Lee Partners gave a heads-up on the situation a few weeks ago, so perhaps their clients are providing demand.

These types of hybrids are like chewing gum on the bedpost as well - they lose their flavour over time (i.e. authorities won't accept them as part of various equity calculations)