France
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◆ Long-dated euro bonds flourish before ECB meeting ◆ Book doubles after cautious 1bp tightening ◆ Strategy was to ensure secondary performance -
◆ Agency rides the ‘French agency hype’ ◆ Deal tightens more than expected ◆ Book is one of its largest
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Four hybrids draw attention from rampant subordinated FIG market
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All of Tuesday’s uncapped trades increase from their expected deal sizes
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Borrowers fill screens on Thursday after poor market open a day earlier kept issuers away
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Spreads tighten by more than average in sign that investors are far from sated
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◆ Book building slows ◆ Spread tightening lessens ◆ Volume not to blame for lower demand
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◆ Deal takes €250m more than targeted ◆ Slim premium paid for duration ◆ Investors still happy to buy despite longer tenor
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Borrower finds flexibility and investor diversification at no added cost
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◆ Short dollar deal came with huge savings ◆ A long euro followed ◆ Issuer to look at PPs and taps for arb funding
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UK bank recruits dealmaker from Groupe Bruxelles Lambert
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◆ Bpifrance prices year's largest benchmark ◆ French agency spread to swaps attractive ◆ AFD found opportunities in dollars
