Currencies

Headline risk ‘doesn’t tamper with the appetite for SSA products’ at the moment

◆ Deal is first since French PM called confidence vote ◆ Some concession left on top of wider secondary levels ◆ Bankers call French covered paper 'attractive'

◆ Spanish borrower brings another green print to euros ◆ Peak orders more than three times deal size ◆ Tight spreads persist for IG corporates

◆ French issuers pile into market ◆ Both borrowers push hard on spread ◆ Other French names expected before September 8 government vote

Markus Stix explains the sovereign's approach to recent euro syndication

Deals progressing as expected, despite a clear shift in neighbouring bond market

◆ Four years is the 'sweet spot' ◆ Existing curve ignored during pricing ◆ Slim premium paid over recent deals

◆ The new issue premium investors demand amid French political uncertainty ◆ Robust demand regardless of political factors ◆ Order book attrition as spread tightened

◆ Deal the first of its kind from a bank to be explicitly earmarked for defence financing ◆ External review similar to green bonds ◆ Five year senior preferred offering planned

◆ Slim premium paid for popular deal ◆ Outstanding bonds ignored during pricing ◆ Good chance to pick up high spread UniCredit exposure

◆ Heightened sensitivity towards second tier issuers drives demand ◆ Jyske tier two and BAWAG senior preferred lose orders due to tighter spreads... ◆ ... but wider spreads on PBB and Arion attract buyers

◆ More agencies bite the bullet to issue after confidence vote surprise ◆ AFL keeps commitment to sterling ◆ Bpifrance follows SNCF into popular euros