France
-
◆ Larger new issue premiums required ◆ 6bp tighter than Bpifrance ◆ Size set at €2bn -
◆ Level set at fair value, price not tightened ◆ French agency follows on in same maturity ◆ Books of under €1bn
-
PSHypo’s spreads near unchanged to pre-‘liberation day’ levels
-
◆ Book holds firm throughout pricing ◆ Recent comps lead to different fair value assessments ◆ 3% coupon appeals to high quality investors
-
Issuer takes big size ahead of blackout, offering ‘right’ products to investors
-
All bonds printed this week, except Fresenius’ blowout short maturity deal, trade below water
-
◆ Fresenius, Danone and Proximus benchmarks shake off tariff turmoil ◆ Range of new issue concessions needed ◆ High orderbook attrition for those pushing hard on spread
-
◆ No new issue premium paid ◆ Green bond helps build book ◆ Good demand for French agencies
-
SNB rate cut skews investor interest towards longer paper
-
◆ Sovereign ‘clearly listened to investors’ ◆ 15-20 year linker tap slightly different from planned ◆ One long green tap left for 2025
-
Half a dozen syndicated deals in euros and dollars to kickstart new week
-
Rising defence spending to create opportunities for lenders
