Elections put TLAC-light French banks in catch-22 situation

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Elections put TLAC-light French banks in catch-22 situation

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French far-right party Front National (FN) president and candidate for the 2017 presidential elections Marine Le Pen delivers a speech during the party's Presidential Convention, at Centre des Congres in Lyon, France on February 4, 2017. Photo by Alain Robert/ABACAPRESS.COM | Robert Alain/ABACA/ABACA/PA Images

Fears of a far-right win in the French presidential election have left the country’s banks in a tricky position. They need to raise large amounts of non-preferred senior bonds this year but, with spreads so volatile, any attempt to do so is likely to be fraught with risk and expensive.

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