France
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Headline risk ‘doesn’t tamper with the appetite for SSA products’ at the moment -
◆ Deal is first since French PM called confidence vote ◆ Some concession left on top of wider secondary levels ◆ Bankers call French covered paper 'attractive'
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◆ French issuers pile into market ◆ Both borrowers push hard on spread ◆ Other French names expected before September 8 government vote
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Deals progressing as expected, despite a clear shift in neighbouring bond market
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◆ The new issue premium investors demand amid French political uncertainty ◆ Robust demand regardless of political factors ◆ Order book attrition as spread tightened
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◆ More agencies bite the bullet to issue after confidence vote surprise ◆ AFL keeps commitment to sterling ◆ Bpifrance follows SNCF into popular euros
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◆ French government at risk of collapsing, again ◆ 'Roller-coaster ride' but issuer comes out unscathed ◆ Finding a 'good starting point' key
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French banking groups seen as most likely candidates to step up capital issuance from their insurance arms
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Investors and issuers unlikely to reshape plans to capitalise on wide covered levels
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Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
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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
