Société Générale

◆ Thursday's only covered deal, possibly February's last ◆ French issuer likes dual tranche format ◆ 'Disconnect' between primary and secondary markets apparent, says banker

◆ Issuer's largest covered deal at its tightest spread ◆ Banker said Korean lender is ‘well-liked’ by investors ◆ Pricing seen at fair value despite 'scarce liquidity' in secondary curve

◆ La Banque Postale increased size during execution ◆ French bank’s first covered since October 2025 ◆ French bond was only covered bond priced on Friday

◆ Société Générale and BNP Paribas launch self-led deals ◆ Over €6.3bn of combined demand ◆ Spreads converge

◆ 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

◆ Deutsche Bank offers longest bank euro tier two since 2020 ◆ Crédit Agricole Assurances refis two tier two stack two years early ◆ SocGen goes for 10 year AT1 stretch

France’s investment banking market recovered strongly in 2025 but that doesn’t mean domestic banks are happy. The market is super-competitive and US firms are winning many of the best mandates

Markets adjust to bumpy French political landscape as it mimics past Italian wobbles

◆Both opt for senior non-preferred ◆ Some premium ◆ Big books despite competition from other large names

Bank is building US business after Bernstein JV

◆ Books over €3.4bn ◆ Tier two priced tighter than some recent SG SNP notes ◆ More capital trades predicted in coming weeks

FIG issuance comes across the capital structure before US banks' earnings