Bpifrance
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◆ Deal much more popular than issuer’s last ◆ Better tone, improved backdrop ◆ Extra 3bp ‘made a big difference’ -
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
