BFCM

◆ Political instability pushes French spreads wider ◆ 'Investors see value' in heightened spreads ◆ BFCM's execution could guide others

CIBC raises deeply subordinated debt capital in dollars as diverse set of foreign lenders print senior bonds

Favourable factors support long dated issuance in both senior and covered bonds despite the divergent fates of issuers in the two markets

◆ French bank finds window between market reopening and potential heightened new supply next week ◆ Five and 10 year senior preferred tranches its first in euros this year ◆ Longer one outperforms in both demand and pricing

◆ Issuer grabs limelight amid busy session ◆ Rival bankers debate NIP ◆ Duration popular with French issuers