Société Générale

◆ 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

◆ Both issuers shake off different macro uncertainties ◆ Geopolitical spike no hindrance for RBI's AT1 refi ◆ Société Générale erases concession despite French political risk

◆ Two deals in under a week reopen dormant market ◆ Société Générale prints smaller size in shaky market ◆ But cost comes flat to euros, says lead manager

◆ Second French senior bond in a row after slight improvement in tone ◆ Clear concession to cushion political jitters ◆ €4bn book proves appetite for French FIG

High demand for senior and tier two debt keeps deals rolling in