BPCE

◆ Sixth bank in February to print long-dated SNP tranche ◆ Massive €4.3bn book drawn to 4.125% coupon ◆ Visible concession attracts investors

◆ French bank has had a busy 2026, issuing across currencies and asset classes◆ Cross-currency rates at 'optimal level' for diversification play, lead manager said ◆ Fair value debated

◆ Fourth French bank to print senior bond in euros this week ◆ Tenor becomes more popular as deal garners largest book among compatriots ◆ Priced flat to fair value but with pick-up to core Europe

◆ French bank built €8.6bn order book ◆ Strong performance underlines demand for 10-year covereds ◆ Covered note bank's third deal in three days

◆ Deal is heard more than 12.5 times subscribed despite slim, if any, concession ◆ Investors 'scrambling to get more risk' ◆ New trade precedes 10 year covered bond and follows $3.3bn triple-tranche Yankee

◆BPCE seizes moment in 'very volatile' market ◆ Book supports larger £400m size ◆ Fair value debated

◆ Combined order books topped €9bn ◆ Demand continued to grow after tightening ◆ Tier two priced through fair value

◆ Reception for deal marks contrast to FIG credit ◆ New issue premium debated ◆ Tenor important for pick-up over OATs

Improved market and political backdrop tempts insurers to push on with strategic debt capital financing

◆ New senior non-preferred bond comes a month after defence-labelled senior preferred ◆ Improved sentiment towards new French government ◆ Danske Bank finds 'strong' appetite for tight FRN

Foreign investors show confidence in French assets, including innovative defence financing deal, as political concerns grow

◆ 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