French election relief opens way for EFSF

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By Lewis McLellan
24 Apr 2017

A strong showing from Emmanuel Macron in the first round of the French election has been greeted as an “overwhelmingly positive development” by those in capital markets, according to a head of SSA DCM, and provides an exceptional backdrop for the European Financial Stability Facility’s expected benchmark.

The success of Eurosceptic candidates Marine Le Pen and Jean-Luc Mélenchon in the run-up to Sunday's poll unsettled investors, causing 10 year OATs to widen around 40bp from January to March and pushed the spread between French and German government debt to 85.5bp, the highest level for more ...

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