Euro

◆ Second French senior bond in a row after slight improvement in tone ◆ Clear concession to cushion political jitters ◆ €4bn book proves appetite for French FIG

◆ Funding completed ahead of more political instability ◆ Deal leaves no concession, according to rival bankers, when others are paying up ◆ Total book larger than deal size but only with JLM orders

CAF's Manuel Valdez discusses the issuer's huge blowout and future funding opportunities

Primary market unruffled, but EFSF and EU to test sentiment next week

Foreign investors show confidence in French assets, including innovative defence financing deal, as political concerns grow

German SSA issuers may adopt different strategies for upcoming deals

Corporates could trade through OATs as September 8 snap vote nears

If you want peace, financially prepare for war

◆ Novel deal first of a kind from a non-SSA issuer ◆ Delivers 'political message' in readiness for defence financing ◆ Bankers debate whether issuer paid 'generous' concession

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