France
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◆ Book was one of largest ever ◆ Good window, spotted ◆ Spread versus peer made sense -
◆ Takes larger size than expected ◆ Tightens 3bp to leave minimal premium ◆ French issuers fairly well funded before the summer
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◆ French issuer closes in on 2025 funding target ◆ Single digit pick-up offered over tight core European names ◆ Little to no premium needed for a sizeable trade
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◆ Crédit Agricole aims for 5.5 years, SR-Boligkreditt goes for fives ◆ The belly home to the greatest demand ◆ Paid land tight to peers and own curves
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◆ Five year tranche more demand than 10 year ◆ Different NIPs for each tranche ◆ Sizes beat expectations
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◆ British Columbia and Paris print 15 years ◆ Ico tests tight spread versus Spanish govvie ◆ IDA brings rare euro five year
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◆ Combined demand closes at €2.9bn ◆ Little to no premium needed for either leg ◆ More size taken at the long end despite smaller book
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◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered
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◆ Big books and 0bp to 2bp concession for Orange ◆ US-China trade agreement buoys markets ◆ Premiums tipped to rise
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◆ European and US growth figures released during bookbuilding ◆ Demand proves decent for EDF ◆ Worries bubble up that market is not pricing in risk properly
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◆ €5bn of green tap executed quickly ◆ Syndications over for 2025 ◆ Strong green demand confirmed
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Spreads over Treasuries are tight but hope is that ‘others will follow’
