Caisse d Amortissement de la Dette Sociale
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◆ First French public sector borrower in dollars in a year ◆ New issue concession estimated ◆ Secondary performance expected -
◆ ‘Good result’ to start busier funding year ◆ Spreads to OATs still at historic levels ◆ €15bn funding needed for 2026
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◆ Cades and IADB both print July 2031 lines ◆ Secondary performance shows investor appetite ◆ Order books lower than earlier this week
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◆ QTC inaugural deal could 'open doors' ◆ Bank treasuries supporting 0% RW names ◆ NWB opts for sterling alongside CAF
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Agency prints tight in euros as French political trauma eases
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◆ Cades tightens pricing by 5bp ◆ French political backdrop helping asset class ◆ Deal subscribed over 10 times
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◆ French agency begins fundraising for 2025 ◆ New deal upsized from $2bn ◆ Programme is smaller this year
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Mandates flood in for dollar and euro deals as EU prepares to offer dual-tranche deal
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Primary activity is set to ease into next week as Lunar New Year holidays take place
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French agency aims to diversify currency mix via benchmarks and PPs, and execute euro taps
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Supply resumes after issuers took a nearly three month break
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Hopes that ‘the party’ will go on in a market that has not always had open access of late — but Congress drama could shut it down
