AFD shows demand for agencies in euros may be slowing
Agence Française de Développement (AFD) was the latest public sector agency to head to the euro market this week as it raised €1.5bn on Wednesday with a 10 year benchmark. While the deal was fully subscribed, the order book was not huge and the pricing did not tighten from guidance, indicating that the market may be slowing.
The leads, BNP Paribas, Crédit Agricole, Goldman Sachs, JP Morgan, Natixis and Société Générale, fixed the spread in line with guidance at 42bp over OATs. The final book was over €1.7bn, of which €65m came from joint lead managers.“Versus the secondary market, it’s a premium of high ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org