Unédic and Cades join French debt spree
Unédic and Cades contributed to an outpouring of euro denominated French supply this week with issuance from SSAs as well as corporate and financials. Bankers had expected a quiet session ahead of the Easter break with Cyprus and Italy continuing to worry market participants.
However, the French treasury, Cades and Unédic collectively took 10.5bn out of the market as investors sought the relative safety of French credit.
The surprise success of the week was the 1.5bn 10 year transaction for French social security association Unédic. It is the issuers first ever 10 year
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