Crédit Agricole

The long end of the euro curve is wide open for public sector borrowers, after a pair of issuers printed deals this week and speculation grew that further central bank stimulus is on the way.

The Republic of Slovenia printed a €1.5bn 16 year bond on Thursday from a book of €1.75bn and achieved its aim of building out the longer part of its curve.

Unédic joined a mini resurgence in the 10 year part of the euro curve with the third new issue in the tenor in two weeks, following a one month dearth of supply.

Slovenia has firmed price guidance for a euro 16 year benchmark to 147bp over mid-swaps, a level that syndicate officials away from the deal said represents a double digit new issue premium.

State Bank of India has picked banks for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.

Tata Steel has received a new commitment at the senior level for its $1.5bn refinancing, with banks yet to join in general syndication.

A healthy pair of benchmarks this week and strong conditions mean the euro market is wide open for a pair of supranationals to bring planned deals next week.

Helaba brought the biggest Pfandbrief since 2011 on Tuesday, pulling in €1.25bn with a long four year deal. It was the first ever euro benchmark covered bond issued with a zero percent coupon, but given the persistent low interest rate environment it is unlikely to be the last, with some bankers alarmed at the prospect of negative yielding covered bonds.

Crédit Agricole explicitly backed the newly proposed type of French senior debt in its full year results this week, as support for the asset class appears to be spreading across the country’s financial institutions.

Crédit Agricole penned an €18bn deal to simplify its complex ownership structure, something investors have long criticised, to boost its capital base and allow it to pay dividends fully in cash.

Saverglass, the French bottle maker, has allocated its €365m loan at tight pricing with syndication not proceeding past the early bird stage.

Eurex has signed up Crédit Agricole Corporate & Investment Banking as a member of its clearing house for interest rate swaps.