France
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◆ Book holds firm throughout pricing ◆ Recent comps lead to different fair value assessments ◆ 3% coupon appeals to high quality investors -
Issuer takes big size ahead of blackout, offering ‘right’ products to investors
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All bonds printed this week, except Fresenius’ blowout short maturity deal, trade below water
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◆ Fresenius, Danone and Proximus benchmarks shake off tariff turmoil ◆ Range of new issue concessions needed ◆ High orderbook attrition for those pushing hard on spread
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◆ No new issue premium paid ◆ Green bond helps build book ◆ Good demand for French agencies
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SNB rate cut skews investor interest towards longer paper
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◆ Sovereign ‘clearly listened to investors’ ◆ 15-20 year linker tap slightly different from planned ◆ One long green tap left for 2025
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Half a dozen syndicated deals in euros and dollars to kickstart new week
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Rising defence spending to create opportunities for lenders
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The loan is aligned with its sustainability commitments
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◆ Roaring rated debut for Ipsen ◆ Final orderbook 10 times deal size ◆ Spread lands well inside higher rated comparable names
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◆ Borrowers pile into the market…◆ …but almost all only for small benchmark sizes ◆ Concessions still small as high demand battles low supply
