France
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Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds -
Analysts warn of spillover from potential sovereign downgrade, threatening regulatory treatment and spreads of agency bonds
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Budget induced volatility could push OATs above covered spreads across the curve
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French risk ‘the known unknown’ and will ‘get serious' come autumn
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Baden-Württemberg set to price FRN on Tuesday in so far quiet primary market
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◆ French company out for four and 20 year bonds ◆ High demand split evenly between them ◆ Both tranches tighten by 42bp during bookbuilding
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Scrabble expected to sign deals before summer
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Company bumps up loan amount and includes sustainability-linkages
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Fresh Nato commitments will test bond market capacity as major issuers reveal funding updates
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◆ Long deal 3.4 times covered ◆ No concerns about pricing in busy market ◆ Pricing through OATs no problem
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◆ Deal much more popular than issuer’s last ◆ Better tone, improved backdrop ◆ Extra 3bp ‘made a big difference’
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◆ Minimal impact from escalating Middle East conflict ◆ Investors eager to buy long end BPCE ◆ Danske lands flat to Pfandbrief
