France
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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 -
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
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◆ €2bn printed out of larger €4bn needs this year ◆ Very tight spread to French govvie ◆ Rarity and sovereign guarantee attracted investors
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Scope warns country is ‘heading towards difficult budgetary trade-offs’ with increased defence spending
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Sovereign expected to pass its first rating test in 2025 with four more to come before early April
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◆ Issuer grabs limelight amid busy session ◆ Rival bankers debate NIP ◆ Duration popular with French issuers
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◆ Demand weighted to either end of curve ◆ TotalEnergies tightens eight year tranche more ◆ Business as usual after German election
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◆ 10 year note raises €750m alongside €500m five year ◆ Longer note lands double digits through govvies ◆ Slim to no premiums paid for both bonds
