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◆ Thin summer bid tests final SSA supply push ◆ Iran, CPI and holidays squeeze last pre-summer window ◆ Washington supras circle in dollar market
Cost of carry will deter French issuers from pre-funding too much to avoid election volatility
◆ Curve inversion 'vividly' debated for 15 year print ◆ 'Structural shortage' of French agency paper ◆ Prefunding under consideration ahead of 2027 French political risk
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◆ Debut seven year priced through issuer's dollar curve, leads say ◆ Green label and no-grow size steady IFC through selloff ◆ Rival banker questions wisdom of July inaugural -
◆ Steep government curve means investors need less spread on top ◆ French spreads widen, but AFD tightens ◆ Fair value 'a fluid concept' on inverted curve
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◆ Early order book built before Middle East risk returned ◆ Seven year spread held steady as 'insurance' against volatility ◆ Format chosen to avoid straining 'finite pool of liquidity'
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◆ Issuer brings another pre-summer deal to fund enlarged programme ◆ Tightening possible despite weakened backdrop ◆ Book not huge but quality 'extremely high', spreads 'decent' to KfW and Land NRW
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◆ Issuer has only €2bn left to fund this year ◆ US-Iran war and French election news weigh on sentiment ◆ Curve widens, NIP hard to pin down
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◆ Canadian borrower issuing outside BoE collateral rules pays same spread as Quebec ◆ Asset managers lead book as bank treasuries take just a quarter ◆ Second sterling benchmark extends PSP's curve past debut
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