France
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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 -
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
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◆ Drinks maker looks to pay single digit concession over its curve ◆ Peak demand drops by €950m at final books ◆ Borrower cuts growth forecast
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◆ French bank speeds up funding plan to meet eager buyers ◆ Initial deal eyed for second half of 2025 ◆ Higher spread to frequent issuers attracts
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Manitoba, TCV join foreign SSA contingent, Chile's BCI prints five-year, but corporate supply lags
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◆ Investors rush to buy despite yield compression... ◆ ... as French bank aims for both big size and 10 year non-call ◆ Issuer achieves lowest euro reset spread
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◆ Issuers referencing older Gilts to price through euro curves ◆ Syndicate 'overwhelmed' by orders as investors chase French spreads ◆ Transaction 'repriced' secondary curves
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◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy
