BPCE

Looming political upheaval is putting pressure on French banks to pay up to pre-fund but recent deals show what is possible and at what price

◆ Strong outcome despite French risk concerns ◆ Participation from a 'who's who' of sterling real money ◆ Sterling market stronger than euros

◆ Both tranches well received ◆ Improvement on 'weak' Achmea deal from last weak, rival banker says ◆ Fair value debated

◆ Books remain intact with premiums paid ◆ Investor fatigue setting in ◆ Yields falling after Iran-US peace deal progress

Kangaroo and Panda market grow as banks create US dollar FRNs to meet Asian demand

◆ Order book grew steadily to close at its peak ◆ Second EuGB covered bond ever issued ◆ French lender's previous covered was in January

◆ Second foreign FIG deal in Swissies since the start of Iran war ◆ Market offers quick execution despite uncertainty and volatility ◆ BPCE funds close to its euro level

◆ 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