France
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◆ Issuer well funded already ◆ Tightens 3bp, no fair value consensus among banks ◆ Demand covers size over three times -
◆ 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
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◆ Deal more than twice covered ◆ Pricing tightens 3bp ◆ KfW expected to open supply next week
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French banks' 'intrinsic creditworthiness' not hurt by Moody's downgrades ◆ Some analysts eye relative value plays
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Moody's unexpectedly downgrades French credit as sovereign creeps towards single-A
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◆ Subordinated debt offering unhindered by French sovereign downgrade ◆ Issuer took a strategic approach to 'allow for secondary performance' ◆ Fair value debated
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Covered's tight spread to senior unsecured is a bigger problem for supply than France's politics
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Bloc set to lean on auctions to help achieve next year's borrowing task
