France

Belgian family company is buying Délifrance and a business from Bunge

◆ French bank finds window between market reopening and potential heightened new supply next week ◆ Five and 10 year senior preferred tranches its first in euros this year ◆ Longer one outperforms in both demand and pricing

Issuer finishes raising €4bn for this year after 'very different execution', with more — maybe longer — supply to come

◆ Larger new issue premiums required ◆ 6bp tighter than Bpifrance ◆ Size set at €2bn

◆ Level set at fair value, price not tightened ◆ French agency follows on in same maturity ◆ Books of under €1bn

PSHypo’s spreads near unchanged to pre-‘liberation day’ levels

◆ Book holds firm throughout pricing ◆ Recent comps lead to different fair value assessments ◆ 3% coupon appeals to high quality investors

Issuer takes big size ahead of blackout, offering ‘right’ products to investors

All bonds printed this week, except Fresenius’ blowout short maturity deal, trade below water

◆ Fresenius, Danone and Proximus benchmarks shake off tariff turmoil ◆ Range of new issue concessions needed ◆ High orderbook attrition for those pushing hard on spread

◆ No new issue premium paid ◆ Green bond helps build book ◆ Good demand for French agencies

SNB rate cut skews investor interest towards longer paper