Currencies

Caisse des Dépôts et Consignations (CDC) is planning to return to the Swiss franc bond market in the latter half of 2020 after an 18-month absence to refinance an upcoming redemption. Elsewhere, the Canton of Geneva returned to the market for the third time this month as it marches towards a record year on the capital markets.

Caisse des Dépôts et Consignations issued its yearly Samurai bond on Thursday, raising ¥20bn ($190m) with a dual tranche.

Chinese food and beverage company Bright Food sold a euro-denominated bond via its Singapore arm on Wednesday, raising €800m. It leaned on Chinese bank support to price the deal at a tighter level than where European investors were willing to buy.

Demand for Australia and New Zealand’s first syndications of their 2020-21 fiscal year was high on Tuesday, with both issuers printing their second largest ever deals.

Australia and New Zealand launched their first syndications of their 2020-21 fiscal years on Monday.

FMO may lower its 2020 funding target when it reviews its borrowing plan after the summer, which could lead to a postponement of a planned dollar benchmark to next year. The Dutch development bank made a strong return to the issuance of subordinated debt this week ahead of a call date in December of its previous deal in the format.

Rating: Aa2/AA/AA

Following the sale of its third syndication of the year this week — a €3bn inflation-linked bond — France does not expect to bring any more public benchmarks in 2020.

Marex, a commodity and derivatives broker, has raised tier two capital in the Swiss franc market through a structured note, which it says is the first to combine a tier two host with an embedded structured product — in this case, exposure to the SMI, the Swiss equity market index.

Unédic came to the market for its third social bond on Thursday after making its debut in the format less than two months ago. The deal extends the French agency’s social curve out to 15 years and completes its €10bn explicitly guaranteed funding allowance for 2020.

France hit screens with a 15 year inflation-linked bond on Wednesday, raising €3bn with its first syndicated linker since 2018, capitalising on growing demand for inflation-linked products.

The New Zealand treasury has appointed the banks to lead the syndication of a May 2041 nominal bond, which is expected to take place next week.