France smashes 50 year as EU preps first SURE deal of 2021

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By Burhan Khadbai
21 Jan 2021

France stole the limelight in the euro public sector bond market this week as it set new records for 50 year benchmarks in terms of size, demand and yield. But next week all eyes will be firmly fixed on the EU, which is set to bring its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

On Wednesday, leads BNP ParibasDeutsche BankHSBCJP Morgan and Société Générale opened the books on France’s new May 2072 euro benchmark with guidance of 9bp area over the 1.75% May 2066 OAT.

The deal was later launched with a size of €7bn at plus 7bp, with the books ...

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