AFD cuts lone figure as SSAs adjust to negative yield environment
Agence Francaise de Développement was the only public sector borrower to mandate banks for a new benchmark bond on Monday, as squeezed yields cause issuers to hold off from the primary market.
AFD picked Barclays, BNP Paribas, Crédit Agricole, Deutsche Bank and Goldman Sachs to run a 10 year euro benchmark. Initial price thoughts are low 30s over OATs, interpolated between the 0.5% May 2029 and 2.5% May 2030.
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