Société Générale

Goldman Sachs joins Western Europe's top three bookrunners

◆ Deal went ahead despite tariffs-related volatility ◆ Assessing fair value was key ◆ Supra now nearly 56%-funded

◆ No new issue premium paid ◆ Green bond helps build book ◆ Good demand for French agencies

◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp

◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well

◆ Sovereign sets new book and size records ◆ Deal a hit despite 'not straightforward' backdrop ◆ 'Different story' while still 'a confidence booster'

◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy

◆ Fair value considerations point to wide range but no concession paid ◆ Earnings and market backdrop provide tailwind for tight pricing ◆ Issuer's first callable tier two in euros since 2022

◆ ‘Huge’ euro success after record dollar deal ◆ Another record broken ◆ Issuer now 35% funded

◆ Large tightening in line with recent trades ◆ Prices flat or through fair value ◆ No French agency deals expected next week

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