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◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers
◆ Best window of the week, lead says ◆ Less concession than other recent deals ◆ Danske "pretty much done" for 2026 funding plan
◆ Deal followed HSBC's €3.75bn three part deal... ◆ ... and paid less NIP, tackling shorter end of curve ◆ Book grew after price revision
◆ First euro funding in almost a decade ◆ Part of early refi of its last euro bond ◆ Rarity makes it a trickier sale during heightened market volatility
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Friday and Monday saw a flurry of insurance activity in Swiss francs, with Netherlands-based Achmea selling its Swiss debut on Monday, closely following the inaugural senior unsecured bond from Swiss Life.
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As two European policy centres moved towards greater protection of uninsured depositors and more stringent rules on creditor burden sharing this week, investors expressed concern that the continued strength of liquidity in the market was stopping bondholders from demanding the extra spread they should be paid for the increased risk of losses on senior unsecured and subordinated bank debt.
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Nomura was back in the euro senior unsecured market for the first time in more than three years this week, and was joined by two European borrowers in the five year maturity that has been in vogue in recent weeks due to its depth of demand.
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Finnish insurance company Sampo sold its first Swedish krona debt in two years on Wednesday. The issuer sold Skr4bn ($604.3m) of floating rate debt across two tranches. Sampo also bought back more than Skr3bn of floating rate debt that was due to mature in September.
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Société Générale sold five year Swiss franc debt on Wednesday, taking advantage of a gap in its curve in the currency to drum up extra demand. The deal offered investors a small premium over the bank’s euro curve, but also gave SocGen the opportunity to diversify its investor base.
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Investors in senior unsecured bank debt may soon be forced to confront the bail-in fears they have been trying to ignore for so long, as EU legislators move to degrade further the status of the asset class.