France
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French agency plans to fund longer and may offer something unique to sterling investors -
OAT yields and spreads calm, but next year’s supply is crucial
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Issuer will bring one of the largest programmes among French agencies
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Book drops almost €2bn from peak as not all investors chase deal down
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Barnier's removal could trigger spread to spike to 100bp and stay elevated, say analysts
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Issuer to fund €4bn-equivalent across US dollar, euro, sterling and Swiss markets
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Borrower joins growing rank of €5bn-plus refinancings in recent months
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Barnier on course for no confidence vote, little issuance expected
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French senior bank bond market has been 'pretty resilient' though remains 'very sensitive' as liquidity thins
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More dilution to come
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Ultra-thin spreads to OATs as agency quadruples its programme next year
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Spreads to OATs ‘touching the limits’ but investors unfazed for now
