Bpifrance

New label and attractive relative value of French agency paper allow large spread tightening

◆ French agency brings social bond with a new focus ◆ Momentous bookbuilding leads to large tightening ◆ Zero NIP achieved thanks to label, yield

Top 20 accounts take 85% of deal

◆ Bpifrance funding officials discuss green bond's intraday execution ◆ First deal in ICMA green format since adding five categories to framework ◆ Funding programme 66% complete, with social bond pencilled in for Q4

◆ French agency raises €1.5bn seven year green bond with intraday deal ◆ Modest pick-up to issuer's curve offered, five months after it priced through ◆ Book shrank by €700m after final spread set

The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it

Bpifrance landed the world's first European Secured Note this week, which could pave the way for regulatory recognition of the product

◆ Order book peaked at close to €2bn ◆ Issuer announced plan to launch ESN in May ◆ Analysts predict mixed fortunes for instrument in the immediate future

If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one

French agency to revive long debated funding format to finance SME lending

Critics doubted the EU Green Bond Standard would catch on, but it is gaining new issuers and a following from investors

Regular green bond and social bond could come in rest of 2026, but likely no defence bond