Unédic wraps up guaranteed programme with third social bond

By Burhan Khadbai, Lewis McLellan
09 Jul 2020

Unédic came to the market for its third social bond on Thursday after making its debut in the format less than two months ago. The deal extends the French agency’s social curve out to 15 years and completes its €10bn explicitly guaranteed funding allowance for 2020.

Leads Barclays, BNP Paribas, Goldman Sachs, HSBC and JP Morgan opened the books on Unédic’s new €2bn no-grow July 2035 social bond benchmark with guidance of 25bp area over OATs, interpolated between the 1.25% May 2034s and 1.25% May 2036s.

As the books ...

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