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Foreign investors show confidence in French assets, including innovative defence financing deal, as political concerns grow
◆ Deal is first since French PM called confidence vote ◆ Some concession left on top of wider secondary levels ◆ Bankers call French covered paper 'attractive'
◆ Four years is the 'sweet spot' ◆ Existing curve ignored during pricing ◆ Slim premium paid over recent deals
Sub-sections
Sub-sections
Deal reviews
◆ Deal is first since French PM called confidence vote ◆ Some concession left on top of wider secondary levels ◆ Bankers call French covered paper 'attractive'
◆ Four years is the 'sweet spot' ◆ Existing curve ignored during pricing ◆ Slim premium paid over recent deals
◆ Slim premium paid for popular deal ◆ Outstanding bonds ignored during pricing ◆ Good chance to pick up high spread UniCredit exposure
◆ Deal prices through fair value ◆ Strong bid for non-European names on display ◆ Trade spotted tighter post-pricing
Opinion
Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime
The industry’s obsession with appointing co-heads plays into its reputation for competition rather than cooperation
Post-management senior positions can be very valuable, but only if handled right
Analysis
Lower than expected issuance volume to keep covered spreads tight into the autumn
Core Europe to lead the charge but without German issuers
Belly of the curve likely to be most active, but anything from three to 10 years is doable
HQLA investors have reallocated away from covered and into SSAs
More articles
More articles
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◆ Stellar conditions for issuers across the bond market ◆ How bond issuance will pan out over the rest of the year ◆ Dedollarisation discussion
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Opportunistic summer issuance expected and early start at end of August
