France
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Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports. -
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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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Public sector borrowers in the euro market on Thursday focused their attentions on the long end of the curve, but not every trade made it to full subscription.
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The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.
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Emmanuel Macron’s two-stage victory in the French presidential election rightly brought relief to the eurozone bond markets — as well as to all those who believe in the European project as a force for good. But talk of a Macron presidency opening the way for further European integration in the form of jointly issued eurozone bonds is far too early.
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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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Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.
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Compagnie de Financement Foncier attracted the largest order book in over two years for a deal of its size when it issued a €1.5bn 5.5 year Obligations Foncières on Tuesday. The deal was priced through fair value causing CFF's older bonds to reprice.
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Three public sector borrowers hit screens on Monday, mandating in a euro market buoyed by the defeat of National Front candidate Marine Le Pen in the final round of the French presidential election on Sunday.
