BPCE
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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
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◆ 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
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Financial institutions dealmaking is at an 18 year high but banking consolidation is elusive
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◆ Minimal impact from escalating Middle East conflict ◆ Investors eager to buy long end BPCE ◆ Danske lands flat to Pfandbrief
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Improved all-in funding conditions lure a host of European banks to the US as Citi emerges with jumbo opco trade
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◆ BPCE attracts biggest book since February ◆ Long five year appeals to wide range of investors ◆ Pick-up paid over secondaries and OATs
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◆ French bank goes longer in quick succession after sterling foray ◆ Issuance timing and reception applauded by rival bankers ◆ Orders seen glued by positive premium
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◆ Issuers referencing older Gilts to price through euro curves ◆ Syndicate 'overwhelmed' by orders as investors chase French spreads ◆ Transaction 'repriced' secondary curves
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BPCE CEO says move 'demonstrates our commitment to the continued development of Natixis CIB and Natixis IM'
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◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name
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◆ Rival bankers disagree on fair value ◆ Technicals favour senior-non preferred ◆ LBBW mandates euro SNP deal
