France
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◆ Demand weighted to either end of curve ◆ TotalEnergies tightens eight year tranche more ◆ Business as usual after German election -
◆ 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
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◆ Large size ◆ Pricing ‘on the money’ ◆ Getting squeezy versus OATs
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◆ CDC gets ahead of busy Tuesday ◆ Book was €4bn despite tight govvie spread ◆ Demand aplenty in face of shrinking pick-up
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◆ Issuer solves for size ◆ Slim, single digit premium paid ◆ Seven years a popular tenor for French banks this year
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Big greeniums on first two deals using new ‘gold standard’
