Caisse d Amortissement de la Dette Sociale
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Three agencies launched short end dollar transactions on Tuesday, two of which managed to pull their spreads into impressively tight levels. -
Caisse d’Amortissement de la Dette Sociale (Cades), the French social security debt agency, is set to form a much closer working arrangement with Agence France Trésor, the French sovereign debt office, in an effort to reduce operational risk.
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There was strong praise this week from senior SSA bankers for Patrice Ract Madoux, the long-serving chairman of Caisse d’Amortissement de la Dette Sociale, who is retiring from the position.
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Caisse d’Amortissement de la Dette Sociale has appointed a veteran of the French social security sector to succeed its long-serving chairman Patrice Ract Madoux, who is retiring.
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This week's funding scorecard looks at the progress French agencies have made with their funding plans so far in 2017.
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Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.
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US politics are the biggest potential threat to market stability in 2017, outstripping concerns over a series of European presidential and general elections, according to Philippe Noël, head of capital markets at Caisse d'Amortissement de la Dette Sociale. Noël made the comment as the French agency outlined its funding plans for 2017.
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Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.
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Régie Autonome des Transports Parisiens struggled to fill the order book for a no-grow €500m bond on Wednesday, thanks in part to confusion surrounding its eligibility for purchase by the European Central Bank.
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A postponed deal as issuers clashed in the SSA market left a blemish on a strong week for the improving public sector dollar bond market. But such occurrences may well become the norm as issuers crowd in to narrow windows, writes Craig McGlashan.
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