France
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The public sector debt market is in for another hectic week of borrowing as issuers flock to take advantage of the superb conditions left in the wake of Emmanuel Macron’s victory in the French election. -
The victory of Emmanuel Macron in France’s presidential election has helped unleash a wave of equity block trades this week, even though the real boost to investor sentiment came after the first round of the election on April 23.
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Société Générale sold €1bn of seven year non-preferred senior floating rate notes on Friday, in a trade that could spark a trend for longer dated FRN issuance.
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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.
