Bpifrance
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‘The beginning of a new market’ aims to help solve Europe’s defence conundrum, but could fragmentation and lack of additionality be problems? -
◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds
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Short-dated, highly rated SSAs could trade tighter amid hopes of the US government shutdown ending
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Issuer sees use-of-proceeds label as 'perfect tool' to beef up its support to defence sector
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◆ More agencies bite the bullet to issue after confidence vote surprise ◆ AFL keeps commitment to sterling ◆ Bpifrance follows SNCF into popular euros
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◆ Deal much more popular than issuer’s last ◆ Better tone, improved backdrop ◆ Extra 3bp ‘made a big difference’
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Bpifrance raises €160.5m with oversubscribed Elis block trade sold at tight discount
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◆ Tuesday tap surprise was pre-funding ◆ Next year’s programme revealed ◆ Historical spreads facing French agencies
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◆ Tap was four times covered ◆ No premium required ◆ Spread to mid-swaps attracts
