Société Générale
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start -
Warm reception for French banks in euros and other currencies shows FIG market is in positive health
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◆ Almost €7bn sold ◆ Most borrowers print flat or close to fair value ◆ No blowouts but market judged healthy for further supply
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Benchmark funds will pile into core names but January order of business could change as spreads widen
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French senior bank bond market has been 'pretty resilient' though remains 'very sensitive' as liquidity thins
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Spreads to OATs ‘touching the limits’ but investors unfazed for now
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HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments
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◆ Deutsche prints popular €1.5bn deal as investors fight for higher absolute yield ◆ Yield chase prevalent in dollars a day after return of tier ones ◆ SocGen, NatWest market dollar AT1s
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Conclusive US election result and rate product woes open pre-funding options to banks
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◆ Société Générale prints dual-tranche senior ◆ Bankers agree on new issue premium ◆ Some question two year format
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◆ ‘Important and strategic’ trade for French agency ◆ Regulatory upgrade brings tighter pricing, new investors ◆ Public Aussie debut possible next year
