France

◆ Axa prints RT1 and tier two on same day three French insurers announce deals ◆ Tier two demand surpasses RT1 interest ◆ Most subordinated capital still attainable at 'no-brainer' cost of funding

◆ Improved French market and political backdrop ◆ 'Healthy' NIP ◆ Plenty of French issuance

Issuer completes its final euro deal of 2025 and plans to hit the ground running in January across dollar, sterling and Swiss francs potentially

Improved market and political backdrop tempts insurers to push on with strategic debt capital financing

Macron's vision of a sovereign EU appeared closer in bond markets this week, thanks to French political discord

Several public sector borrowers brought well received deals this week

◆ Deal draws substantial order book ◆ LCR categorisation a pull for investors ◆ Sustainable label draws 'prestigious names'

French bond markets were blasé despite the prime minister's shock resignation

Banks still keen to lend in France amid renewed political uncertainty

Issuer to price seven year tap and new 15 year line as France loses its prime minister, again

◆ Higher spread deals from established jurisdictions attract demand ◆ RLB Steiermark returns after more than two years away ◆ No premium needed for CCF's third of 2025

◆ 'Great result' for Dutch agency ◆ Capped size, social label helpful ◆ CDPQ brought 'very interesting' deal the day before