France
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Foreign investors show confidence in French assets, including innovative defence financing deal, as political concerns grow -
Corporates could trade through OATs as September 8 snap vote nears
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◆ Novel deal first of a kind from a non-SSA issuer ◆ Delivers 'political message' in readiness for defence financing ◆ Bankers debate whether issuer paid 'generous' concession
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Headline risk ‘doesn’t tamper with the appetite for SSA products’ at the moment
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◆ Deal is first since French PM called confidence vote ◆ Some concession left on top of wider secondary levels ◆ Bankers call French covered paper 'attractive'
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◆ French issuers pile into market ◆ Both borrowers push hard on spread ◆ Other French names expected before September 8 government vote
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Deals progressing as expected, despite a clear shift in neighbouring bond market
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◆ The new issue premium investors demand amid French political uncertainty ◆ Robust demand regardless of political factors ◆ Order book attrition as spread tightened
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◆ More agencies bite the bullet to issue after confidence vote surprise ◆ AFL keeps commitment to sterling ◆ Bpifrance follows SNCF into popular euros
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◆ French government at risk of collapsing, again ◆ 'Roller-coaster ride' but issuer comes out unscathed ◆ Finding a 'good starting point' key
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French banking groups seen as most likely candidates to step up capital issuance from their insurance arms
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Investors and issuers unlikely to reshape plans to capitalise on wide covered levels
