France

◆ Week's third FIG sterling deal to take advantage of opportunistic Gilts arb this ◆ Issuer's second sterling deal this year ◆ Follows multi-tranche yen issuance across the capital stack

Scarcity value to overshadow sectoral concerns

◆ Book grew after pricing tightened ◆ Issuer's first capital trade in two years ◆ Premium paid

If it looks like a covered bond, acts like a covered bond and prices like a covered bond, then it probably should be treated like one

◆ Reinsurer latest in string of insurance tier two offerings ◆ Comes with tender offers on two outstanding bonds ◆ Investors show 'discipline' on pricing

◆ Third benchmark as Unédic tackles big funding task ◆ Single-digit spread over OAT paid for 15 year ◆ BNG joins SSA peers in seven year euros, NWB up next

◆ Gecina brings no-grow €500m green bond ◆ Green issuance volumes rise 37% year on year ◆ Carrefour pays small concession on €750m trade

◆ Insurance companies go head-to head in 'constructive' window ◆ Axa pays small premium ◆ Generali focuses on tight pricing

French agency to revive long debated funding format to finance SME lending

◆ AFL's Romain Netter and Maëlien Borel discuss record euro deal ◆ ESG return in 'sweet spot' expected ◆ Callables 'popular' and 'useful tool'

◆ French firm takes €700m with unrated deal ◆ Double digit concession needed ◆ Deal prices inside debut, but returns higher yield

◆ Euro deal more than seven times subscribed ◆ New issue premium estimated ◆ Value versus OATs and Spanish agencies