Caisse d Amortissement de la Dette Sociale

This week SSA Markets provides funding updates on selected French borrowers. Read on to see which borrower is nearly three-quarters done for the year already.

Cades took to the dollar market on Thursday, selling a rare 10 year print. The issuer was inspired to sell the tricky maturity by a strong market this week and was rewarded with almost $4bn of orders.

Cades and KfW were the latest issuers to add to a flood of dollar issuance on Wednesday afternoon, hiring banks for a 10 year and four year deal respectively. The European Investment Bank and L-Bank both enjoyed solid demand for benchmarks of their own on Wednesday.

The European Financial Stability Facility completed its €14bn funding target for the first quarter of the year with a €2bn tap of its July 2018 bonds on Wednesday. Elsewhere in euros, Bank Nederlandse Gemeenten sold a €1.5bn five year benchmark and Cades printed a €1bn tap.

The European Financial Stability Facility, Bank Nederlandse Gemeenten and Cades lined up to stuff full an already busy euro pipeline on Tuesday, after mandating banks for a series of euro deals. The issuers follow Belgium and KfW, which both attracted strong books to deals at different ends of the curve.

Read on to see how deals priced earlier in the year are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Read on to see how deals priced earlier in the year are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

French government guaranteed agency Unédic raised €2.5bn of 10 year money at the tight end of guidance just a day after the European Financial Stability Facility took €4bn out of the market. Meanwhile, fellow French agency Cades was wowed by the amount of demand from Asian investors for its record breaking benchmark priced on Wednesday.

Unédic mandated banks for a 10 year euro benchmark on Wednesday as fellow French agency Caisse d’Amortissement de la Dette Sociale priced its largest ever deal.

The European Financial Stability Facility has picked a 10 year maturity for its second benchmark of the year. The issuer chose a longer-dated deal to complement a super-sized five year sold in January. Caisse d’Amortissement de la Dette Sociale, meanwhile, mandated for its first euro benchmark of 2014.

Read on to see how benchmarks priced in January are faring in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Read on to see how benchmarks priced in the first three weeks of the year are performing in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.