France
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Markets adjust to bumpy French political landscape as it mimics past Italian wobbles -
◆ 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
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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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◆ Inaugural deal almost seven times covered ◆ Unrated paper rare but still in demand ◆ Wide range of media comps used
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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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◆Both opt for senior non-preferred ◆ Some premium ◆ Big books despite competition from other large names
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◆BPCE seizes moment in 'very volatile' market ◆ Book supports larger £400m size ◆ Fair value debated
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◆ French lender amasses huge €4.5bn book ◆ CFF prices only slightly wider than OATs ◆ Strong conditions could attract prefunding trades
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◆ Demand peaks at 4.6 times deal size ◆ Spread tightened by 37bp from IPTs ◆ Second euro outing this year for RTE
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‘The beginning of a new market’ aims to help solve Europe’s defence conundrum, but could fragmentation and lack of additionality be problems?
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◆ Books over €3.4bn ◆ Tier two priced tighter than some recent SG SNP notes ◆ More capital trades predicted in coming weeks
