Europe
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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 -
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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The Polish bank secured the most orders for a CEE bank bond this year so far
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Fund established through a credit secondary sale focuses 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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Chancellor’s fiscal headroom surprisingly doubles but backloaded consolidation efforts raise concerns
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◆ Playing for size at 'defensive' tenor ◆ Some concession paid ◆ Better to print now than in 'crowded' January
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◆ First euro benchmark for Poste since 2021 ◆ 35bp move from IPTs beats 2025 average ◆ Moody's upgrades long-term issuer rating this week
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The new issue premium was around 5bp area
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◆ Dutch bank prices at 34bp, tighter than earlier deals ◆ Order book of €1.9bn, nearly four times the size
