◆ Novel deal first of a kind from a non-SSA issuer ◆ Delivers 'political message' in readiness for defence financing ◆ Bankers debate whether issuer paid 'generous' concession
◆ Deal is first since French PM called confidence vote ◆ Some concession left on top of wider secondary levels ◆ Bankers call French covered paper 'attractive'
◆ Deal the first of its kind from a bank to be explicitly earmarked for defence financing ◆ External review similar to green bonds ◆ Five year senior preferred offering planned
◆ Heightened sensitivity towards second tier issuers drives demand ◆ Jyske tier two and BAWAG senior preferred lose orders due to tighter spreads... ◆ ... but wider spreads on PBB and Arion attract buyers
