BPCE

◆ BPCE flags new deal as potential sole euro Tier two of 2025 ◆ Immediately follows with 'attractive' multi-tranche Yankee ◆ Generali funds grandfathered capital buyback with new €500m green line

◆ French bank offers six tranches between three to ten years ◆ Investor preference for short dated tranches prevails ◆ Rate rises expected in Japan

As the end of 2024 approaches, deals expected to be few and far between

◆ French firm takes €1bn a day before the US goes to the polls ◆ Investors looking for attractive French covered bonds ◆ French deals are tight to OATs despite high spreads