France

◆ French corporates are the biggest euro borrowers as crucial budget approaches ◆ Danone includes floating tranche for second outing of 2026 ◆ Fixed-rate notes require concessions

◆ Unusually busy Friday for European bank funding ◆ Small premium, large demand ◆ Meanwhile 10 year OAT-Bund spread breaches 100bp

◆ Market participants await Meta's rumoured euro debut ◆ Carrefour sells first Friday corporate deal since June ◆ Three FIG names hit the market

Higher new issue premiums make deals shine amid market volatility

◆ Strong conditions seized to print first AT1 in a year ◆ Comes more than a year ahead of next call ◆ Tight valuation, high yield leads to the bank's lowest outstanding reset spread

Analysts see covered bond issuance slowing to a more sedate pace from October through to the end of 2026

French covered bond trading levels have become increasingly divorced from OATs since the start of 2024, offering a golden opportunity to issuers ahead of a likely volatile period

◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers

◆ French publishing and retail firm offers rare unrated deal ◆ Deal strikes balance between compensating investors and attractive pricing for issuer ◆ 'Strategic related partner' anchors the book

◆ Another French agency brings early autumn deal ◆ International investors show support ◆ Priced to ensure performance

◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year

◆ Largest euro corp deal from a European issuer this year ◆ Borrower pays above-average concessions across the curve ◆ French issuers rush to fund ahead of political uncertainty