Currencies
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Markets adjust to bumpy French political landscape as it mimics past Italian wobbles -
Company's relationship banks provided the funding
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Light opportunistic dusting expected, but prohibitive pricing to put off non-sterling funders
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◆ Fourth French bank senior deal in a row this week ◆ Smaller issuer times execution to follow bigger banks' prints ◆ Arkéa's third senior preferred deal of 2025 is prefunding
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Despite next year's funding needs remain limited to around €8bn, the sovereign is confident its positive story will help its spreads maintain their outperformance
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◆ Praemia refis at a tighter coupon ◆ Schneider lands tight at the short end ◆ Minimal concessions needed
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SSA issuers extend their hot run in the private market, crowding into the short end of the curve
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ESG covered bonds are growing but some issuers are reluctant to engage
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Fund established through a credit secondary focused on senior secured loans for European private equity and corporate-backed businesses
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◆ Inaugural deal almost seven times covered ◆ Unrated paper rare but still in demand ◆ Wide range of media comps used
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◆ Both issuers advance 2026 funding plans ◆ LBP issues its first senior bond of the year ◆ Danske prints 20bp tighter than similar May deal
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◆ Playing for size at 'defensive' tenor ◆ Some concession paid ◆ Better to print now than in 'crowded' January
