France
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◆ Playing for size at 'defensive' tenor ◆ Some concession paid ◆ Better to print now than in 'crowded' January -
◆Both opt for senior non-preferred ◆ Some premium ◆ Big books despite competition from other large names
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◆BPCE seizes moment in 'very volatile' market ◆ Book supports larger £400m size ◆ Fair value debated
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◆ French lender amasses huge €4.5bn book ◆ CFF prices only slightly wider than OATs ◆ Strong conditions could attract prefunding trades
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◆ Demand peaks at 4.6 times deal size ◆ Spread tightened by 37bp from IPTs ◆ Second euro outing this year for RTE
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‘The beginning of a new market’ aims to help solve Europe’s defence conundrum, but could fragmentation and lack of additionality be problems?
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◆ Books over €3.4bn ◆ Tier two priced tighter than some recent SG SNP notes ◆ More capital trades predicted in coming weeks
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◆ Proceeds to finance Kering Beauté buy ◆ Triple tranche trade lands at tight spreads ◆ Acquisition clause included
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◆ Fair value debated ◆ International account interest ◆ Big 'curiosity' on use of proceeds
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Spread moves not done yet, warn analysts
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◆ 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
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Issuer sees use-of-proceeds label as 'perfect tool' to beef up its support to defence sector
