France
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Bertelsmann readies dual tranche deal in euros for M&A refinancing
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Budget crisis may give way to election agony
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◆ Cosmetics giant's second jumbo euro deal of 2026 ◆ Pricing hits 'bottom' of expected range ◆ Issuer takes funding window ahead of French budget
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Bank issuance ranges from strategic tier one capital to insurance subsidiary funding externalisation and big senior bond offerings
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◆ Investors turn 'picky' on busy session, says lead ◆ Insurance wing's third CAA trade this year ◆ Double-digit NIP
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◆ Crossover credit sells second senior SLB of 2026 ◆ Deal lands tight to secondaries and peers ◆ Proceeds to refinance 2028 convertible maturity
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◆ French corporates are the biggest euro borrowers as crucial budget approaches ◆ Danone includes floating tranche for second outing of 2026 ◆ Fixed-rate notes require concessions
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◆ Unusually busy Friday for European bank funding ◆ Small premium, large demand ◆ Meanwhile 10 year OAT-Bund spread breaches 100bp
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◆ Market participants await Meta's rumoured euro debut ◆ Carrefour sells first Friday corporate deal since June ◆ Three FIG names hit the market
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Higher new issue premiums make deals shine amid market volatility
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◆ Strong conditions seized to print first AT1 in a year ◆ Comes more than a year ahead of next call ◆ Tight valuation, high yield leads to the bank's lowest outstanding reset spread
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Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026