AFD
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◆ AFD gets €8bn-plus book for new 10 year ◆ 'Very positive' start to 2026 for French issuers ◆ EDC back in euros with 'smooth' deal as usual -
Threat of tariffs between Nato allies push EGB yields down but 'sustainable shift into risk-off' not expected — yet
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Next year’s programme stable at around €9bn, and issuer thinks its new risk-weighting should be better than some thought
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Issuer takes big size ahead of blackout, offering ‘right’ products to investors
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times
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◆ More agencies jump into dollars ◆ AFD reopens French SSA dollar supply ◆ NWB beats size goal
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Issuer will bring one of the largest programmes among French agencies
