France
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French grocer has smooth outing as eyes turn towards Trump inauguration -
◆ BPCE attracts €5.3bn, Navarra €3.5bn ◆ Small concessions to fair value and govvies ◆ Longer dated Spanish deal lands inside higher rated French name
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◆ No pick-up offered to French govvies ◆ Deal lands through fair value ◆ Investors still eager to pick up paper
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◆ Small French name attracts €3bn book ◆ Almost no premium needed ◆ Small pick-up to OATs no problem
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◆ French agency begins fundraising for 2025 ◆ New deal upsized from $2bn ◆ Programme is smaller this year
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◆ KEB Hana readies first non-European euro covered since October ◆ BSH to tap Pfandbrief demand ◆ Crédit Agricole plots public sector deal
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times
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◆ First deal since HSBC France takeover ◆ Rarity means wide range of fair value ideas ◆ Issuer eyes most popular point of the curve
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◆ Tight govvie spread no problem for spread hunters ◆ No premium needed ◆ Some buyers resisted pricing through 70bp
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Warm reception for French banks in euros and other currencies shows FIG market is in positive health
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Investors on the hunt for spread and yield, as market adjusts to lower interest rates
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Infrastructure tipped to be a busy market for debt this year
