France

◆ Double-B French telecoms brings IG-style execution ◆ Demand peaks over €2bn ◆ Pipeline looks thin as uncertainty over Middle East conflict looms

Cost of carry will deter French issuers from pre-funding too much to avoid election volatility

France’s Bastille Day and US inflation data expected to subdue supply early in the week

◆ Curve inversion 'vividly' debated for 15 year print ◆ 'Structural shortage' of French agency paper ◆ Prefunding under consideration ahead of 2027 French political risk

◆ Issuer leaves concession on the table to secure top accounts ◆ Pricing versus AFD deal ◆ Official institutions hold French agency spreads at the tights

◆ French agency raises €1.5bn seven year green bond with intraday deal ◆ Modest pick-up to issuer's curve offered, five months after it priced through ◆ Book shrank by €700m after final spread set

After the busiest June since 2010, banks are well progressed in the covered funding programmes

◆ Euro leg forms part of near-$5bn triple currency senior funding salvo ◆ First euro senior pref fixed rate offering from the bank since 2023 ◆ Limited concession paid

Internal and external moves revamp French bank's IB team

◆ Both tranches well received ◆ Improvement on 'weak' Achmea deal from last weak, rival banker says ◆ Fair value debated

◆ French bank returns after January amid scarcity for senior debt ◆ Investors like what they see as there is no book attrition ◆ Seven year tenor lures broader appetite

◆ Pair more than 3.5 times covered at final terms ◆ Suez lands flat, Air France pays up ◆ Airline paper performs in secondary