◆ French lender issues three senior preferred Samurai tranches ◆ Despite benefit of diversification, deal comes very close to a new euro deal◆ Investor demand concentrated at the short to middle part of curve
◆ Deal appears unaffected by rising Middle East geopolitical tensions ◆ Local investors back the deal during first day of marketing ◆ Pricing around fair value with possible minimal concession
◆ German bank brings dollar AT1 after June's euros print ◆ Potential UniCredit takeover partially factored into pricing ◆ Deal offers premium to European peers
