Weekly Covers

◆ Curve inversion 'vividly' debated for 15 year print ◆ 'Structural shortage' of French agency paper ◆ Prefunding under consideration ahead of 2027 French political risk

◆ Issuer leaves concession on the table to secure top accounts ◆ Pricing versus AFD deal ◆ Official institutions hold French agency spreads at the tights

◆ Sven Wabbels reveals four dimensions behind dual tranche call ◆ Seven year restraint as 1bp for four years more risk ◆ Pricing through Treasuries 'not a goal'

◆ Debut seven year priced through issuer's dollar curve, leads say ◆ Green label and no-grow size steady IFC through selloff ◆ Rival banker questions wisdom of July inaugural

◆ Steep government curve means investors need less spread on top ◆ French spreads widen, but AFD tightens ◆ Fair value 'a fluid concept' on inverted curve

◆ Early order book built before Middle East risk returned ◆ Seven year spread held steady as 'insurance' against volatility ◆ Format chosen to avoid straining 'finite pool of liquidity'

◆ Canadian borrower issuing outside BoE collateral rules pays same spread as Quebec ◆ Asset managers lead book as bank treasuries take just a quarter ◆ Second sterling benchmark extends PSP's curve past debut

◆ Supranational breaks through 2bp floor with $7.9bn book ◆ Book grew after spread set ◆ Record print sharpens talk of pricing through Treasuries

◆ Bpifrance funding officials discuss green bond's intraday execution ◆ First deal in ICMA green format since adding five categories to framework ◆ Funding programme 66% complete, with social bond pencilled in for Q4

Collateral change has SSA issuers eyeing sterling — but it has strengthened one bid, not brought in new buyers

◆ Reverse enquiry pulls province back to strategically important euro market ◆ Ontario pays more than February deal as provincial supply reprices sector ◆ ‘Goldilocks scenario’ of asset swap and G-spread buyers

◆ French agency raises €1.5bn seven year green bond with intraday deal ◆ Modest pick-up to issuer's curve offered, five months after it priced through ◆ Book shrank by €700m after final spread set