Euro

◆ Senior French bank funding restarts in second issuance week of the year ◆ Unusual delay may have helped issuer push to a tight price ◆ Bond sold at fair value

◆ CaixaBank and ABN Amro complete 'trickier' SNP funding at tight levels ◆ Caixa more popular due to higher spreads ◆ ABN sells rare SNP tranche with three year fixed rate SP

◆ Strong 10 year demand proven again ◆ Nearly 40% of €18.5bn annual funding already done ◆ EU waiting in the wings, 'first proper test' for duration

◆ 301bp reset spread moves inside La Banque Postale's 3% AT1 from 2021 ◆ €2.3bn of orders drop after price tightening ◆ 'We knew there would be attrition [...] we also knew we could land €1bn,' says lead manager

◆ Issuer tests appetite with two stage tightening ◆ New issue concession estimated ◆ Buyers pile into Wallonia's shorter tranche

◆ Hybrid books hold firm as senior sales shed ◆ Both tranches land far through fair value ◆ Telefónica achieves tight senior/sub spreads

◆ Toyota MCC increases deal size ◆ ASF pays small concession ◆ Pair tighten more from IPTs than last year's average

◆ Surprisingly busy Friday with three SSAs pricing ◆ Unusual move pays off ◆ Record size, and lots of discussion on spread

Two syndicated deals left for 2026; ‘right maturity and timing’ key to issuer’s long-end plan

Challenge for January fundraising is pricing and it is ‘very important’ to do it right, says issuer

◆ Dual tranche deals attract strong peak books ◆ Bumper bid-to-cover ratios ◆ Premiums scarce

Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start