France
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This week's scorecard looks at the progress French agencies have made with their funding as we move into the fourth quarter
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In a week of firsts for the green bond market the Agence France Trésor (AFT) has outlined to GlobalCapital its plan to issue a bond next year in the hitherto untapped sovereign green bond market. Lewis McLellan and Craig McGlashan report. -
The Asian Development Bank on Thursday sold the tightest priced SSA dollar benchmark of the year, as SNCF Réseau got off to a flying start with its first ever issue in the currency.
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Société Générale returned to the green bond market this week, in the first sign that primary markets could quickly bounce back despite the noise around Deutsche Bank.
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Agence France Trésor tapped into strong pent-up demand to draw a bumper book and print its largest inflation linked benchmark since the 2008 financial crisis — despite offering just a few basis points of new issue premium.
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After a rocky beginning to the week that saw an offering from Lufthansa pulled — a rarity in the European corporate bond market — French transnational utility and service company Veolia managed to sell a total of €1.1bn in senior unsecured bonds across two tranches on Wednesday.
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The dollar market for SSAs is set to spark into life on Thursday, with one issuer lining up a debut deal in the currency and another attempting to print at the lowest spread to mid-swaps this year.
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The cheerful and businesslike mood in European equity capital markets, despite clear risks of volatility in the offing, was highlighted again today by the launch of a €2.5bn capital raising by Steinhoff, the South African retail group.
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The ebullient tone that characterised the first three weeks of September has faded as investors begin to fret over the US presidential election on November 8, but there is still life in the SSA market.
