Société Générale
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◆ Takes larger size than expected ◆ Tightens 3bp to leave minimal premium ◆ French issuers fairly well funded before the summer -
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◆ Deal attracts largest SSA book since Feb ◆ Issuer follows usual pattern ◆ Strong macro, interesting RV
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◆ Each issuer prints larger deal than usual ◆ NWB comes after BNG five year ◆ Quebec gets huge book
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◆ EIB taps three year tenor with new EARN benchmark ◆ Eurofima grabs record book with green bond ◆ Busiest week for primary since US tariffs
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◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF
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There still is demand from investors after this week's senior salvo but issuers need to pay the steeper curves if they want to play
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Key trade planned for 2025 executed to satisfaction, $4bn left to do
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◆ HSBC, NatWest, Société Générale print similar dual tranche senior deals ◆ 'No canibalisation' despite €8bn concentrated supply ◆ Bid for duration on all deals
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◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight
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Goldman Sachs joins Western Europe's top three bookrunners
