France
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◆ Second euro hybrid for Engie this year ◆ Peak demand tops €4.9bn as investors chase yield ◆ Book halves at final count but remains strongly covered -
◆ French agency brings social bond with a new focus ◆ Momentous bookbuilding leads to large tightening ◆ Zero NIP achieved thanks to label, yield
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Heavy domestic supply from banks and corporates also meets strong demand
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Looming political upheaval is putting pressure on French banks to pay up to pre-fund but recent deals show what is possible and at what price
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◆ Bureau Veritas tests eight year euro demand ◆ Deal lands tight with slim concession ◆ Book attrition no concern
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◆ EIB back in euros after three months ◆ 'Huge demand' leads to unusual spread move ◆ Steep curve from five to long five years
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◆ Strong outcome despite French risk concerns ◆ Participation from a 'who's who' of sterling real money ◆ Sterling market stronger than euros
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◆ French borrower takes €1.15bn across two tranches ◆ Balance struck between size and price to keep investors onside ◆ Small concession offered
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◆ French services firm ends six year absence ◆ Deal hits upper end of size target ◆ Little attrition as borrower secures 'fair' price
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◆ Combined books peak at over €6.5bn ◆ Deal comes close to target ◆ Cofiroute offers further tight infra supply
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◆ Another French agency wraps up 2026 ◆ Attractive OAT yields support demand ◆ La Caisse shrugs off US-Canada trade woes
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◆ Fourth euro tier two offering in a row ◆ Doubts about French FIG demand dispelled ◆ Short non-call period appeals to other financial institutions
