France

◆ Proceeds to finance Kering Beauté buy ◆ Triple tranche trade lands at tight spreads ◆ Acquisition clause included

◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds

Spread moves not done yet, warn analysts

◆ Its first sub-€1bn tier two in four years ◆ First French euro bank capital sale since prime minister's resignation ◆ Mixed views on new issue concession

Issuer sees use-of-proceeds label as 'perfect tool' to beef up its support to defence sector

No investors involved in Caffil's latest deal mentioned concerns over French risk

Luxembourg-based steel maker and French spirits company get warm welcome

◆ Book grows after spread set ◆ Premium offered to investors ◆ Recent sovereign downgrade not a concern

S&P’s cut to sovereign rating was unscheduled, but unsurprising

◆ Combined order books topped €9bn ◆ Demand continued to grow after tightening ◆ Tier two priced through fair value

◆ Axa prints RT1 and tier two on same day three French insurers announce deals ◆ Tier two demand surpasses RT1 interest ◆ Most subordinated capital still attainable at 'no-brainer' cost of funding

◆ Improved French market and political backdrop ◆ 'Healthy' NIP ◆ Plenty of French issuance