Groupama 6,375% is still very cheap: yesterday another european insurer, Italy based Assicurazione Generali issued a 5,50% 12/NC/perpetual subordinated bond; structure very similar to the groupama tier2 one, but better rated at IG area. The price has just peaked over 100,50.
And I'm talking about an hybrid bond by a peripheral insurance company,(of better standing and reputation) with a duration higher than FR0011896513 if we compare first call (2024 vs 2027).
If the price for Generali is right, the Groupama 6,375% is likely to price under the 6% yield.