Société Générale

◆ 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

◆ Almost €7bn sold ◆ Most borrowers print flat or close to fair value ◆ No blowouts but market judged healthy for further supply

Benchmark funds will pile into core names but January order of business could change as spreads widen

French senior bank bond market has been 'pretty resilient' though remains 'very sensitive' as liquidity thins

Spreads to OATs ‘touching the limits’ but investors unfazed for now

Lev fin banker will begin job in the new year

HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments