SNCF brings century bond

Green Train
By Frank Jackman
08 Aug 2019

SNCF Réseau steamed ahead with a new century bond issue this week, its second and largest deal to date, amid declining rates that has seen more and more investors take a risk at the ultra-long end in return for yield pick-up.

SNCF Réseausold a €100m 1.425% August 2119 private note on Monday. HSBC ran the deal. The issue price was undisclosed.

“That is a nice trade,” said one MTN banker away from the deal. “I assume this, like previous 100 year bonds, has gone into Germany.”

“Rates ...

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