France

◆ Its first sub-€1bn tier two in four years ◆ First French euro bank capital sale since prime minister's resignation ◆ Mixed views on new issue concession

Issuer sees use-of-proceeds label as 'perfect tool' to beef up its support to defence sector

No investors involved in Caffil's latest deal mentioned concerns over French risk

Luxembourg-based steel maker and French spirits company get warm welcome

◆ Book grows after spread set ◆ Premium offered to investors ◆ Recent sovereign downgrade not a concern

S&P’s cut to sovereign rating was unscheduled, but unsurprising

◆ Combined order books topped €9bn ◆ Demand continued to grow after tightening ◆ Tier two priced through fair value

◆ Axa prints RT1 and tier two on same day three French insurers announce deals ◆ Tier two demand surpasses RT1 interest ◆ Most subordinated capital still attainable at 'no-brainer' cost of funding

◆ Improved French market and political backdrop ◆ 'Healthy' NIP ◆ Plenty of French issuance

Issuer completes its final euro deal of 2025 and plans to hit the ground running in January across dollar, sterling and Swiss francs potentially

Improved market and political backdrop tempts insurers to push on with strategic debt capital financing

Macron's vision of a sovereign EU appeared closer in bond markets this week, thanks to French political discord