Euro

◆ 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

◆ CAF record breaker as bond 'flies' in secondary ◆ IDA unscathed by recent volatility ◆ Investors and issuers both favour seven year segment

◆ Dutch machinery maker prints a 10 year bond ◆ Orders drop 39% from peak during bookbuilding ◆ Orderbook attrition back in focus among bankers

◆ Electric utilities back in size as primary reopens ◆ Strong books despite tight prints ◆ EDP joins the EuGB cohort