France

◆ Largest book of the year so far for a sterling deal ◆ Minimal attrition on reoffer ◆ Priced through issuer's euro curve, lead says

◆ Italian lender becomes first lower tier bank issuer to price this year ◆ Deal launched into 'issuer's market' and benefits from tight price versus national champions ◆ Ayvens issues first green bond in its current form

◆ Senior French bank funding restarts in second issuance week of the year ◆ Unusual delay may have helped issuer push to a tight price ◆ Bond sold at fair value

◆ Issuer tests appetite with two stage tightening ◆ New issue concession estimated ◆ Buyers pile into Wallonia's shorter tranche

◆ Toyota MCC increases deal size ◆ ASF pays small concession ◆ Pair tighten more from IPTs than last year's average

Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start

◆ Three issuers across the A-rated spectrum ◆ L’Oréal brings the biggest deal at €1.75bn ◆ Edenred and APRR print €500m no-grows

◆ French bank built €8.6bn order book ◆ Strong performance underlines demand for 10-year covereds ◆ Covered note bank's third deal in three days

◆ Five year deal soars ◆ Issuer upsizes deal on strong demand ◆ Minimal to no concession paid

◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered

◆ 2026's first euro capital trades from insurance companies ◆ Pair attract more than €5bn of orders ◆ Minimal or even negative concession paid

Next year’s programme stable at around €9bn, and issuer thinks its new risk-weighting should be better than some thought