France
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In this round-up China’s new Foreign Investment Law is tipped to spark a wave of capital inflows, the US and China attack each other’s human rights records, Bank of China (BOC) expects onshore bond yields to fall but offshore ones to stabilise -
A French public sector borrower is ready to hit the road to market its inaugural benchmark bond, following the launch of its Euro Medium Term Note programme at the end of last year.
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European high yield investors are as eager to buy bonds as their investment grade counterparts — the difference is, while IG issuers have been pouring paper into the market, high yield has been in a drought. But that is at last starting to break.
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Unédic, the French unemployment agency, is looking to make its foray into the socially responsible bond market.
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The extraordinary conditions in Europe’s investment grade corporate bond market, in which three issuers in succession had printed multi-tranche bonds this week with no new issue premiums, produced a new bizarre result on Wednesday when Sanofi, one of the market’s tightest-trading issuers, took its turn.
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The bullish mood in credit markets is sweeping through high yield bonds, enabling issuers, like their investment grade counterparts, to crank pricing several notches tighter during bookbuilds.
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Unédic priced through fair value for its first bond of the year on Wednesday, as the European Central Bank’s announcement of fresh liquidity supercharged an already red hot euro SSA market. African Development Bank will hope to find similar success in the 10 year part of the curve after mandating banks for its first benchmark of the year.
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Public sector borrowers in the euro SSA market received strong demand in both the short and long ends of the curve on Tuesday. KfW took advantage of the blistering conditions to sell its first euro benchmark with a three year maturity since 2015, while Société du Grand Paris (SGP) sold its biggest ever bond.
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Société du Grand Paris (SGP) mandated banks on Monday for its second benchmark green bond, following its debut last October. Meanwhile, KfW hit screens for a long three year benchmark, the agency’s third benchmark in euros this year.
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SNCF Réseau took advantage of a move in swap spreads and a favourable euro/dollar basis swap to sell its third dollar benchmark on Friday, ahead of what SSA bankers say will be a busy week of supply in the currency. Nordic agencies are among the issuers expected to be come to the dollar market next week.
