France
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Agency prints tight in euros as French political trauma eases -
◆ Large tightening in line with recent trades ◆ Prices flat or through fair value ◆ No French agency deals expected next week
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◆ Cades tightens pricing by 5bp ◆ French political backdrop helping asset class ◆ Deal subscribed over 10 times
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◆ Deal over 3x covered ◆ Peer supply 'only way to look at pricing' ◆ No-grow label helps deal
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◆ First labelled 'European Green Bond' from an SSA ◆ 'A natural next step' for issuer and investors ◆ What difference does it make?
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World Bank, KBN and AFL are the latest names to join the party
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The 30 year bond 'ticked all the boxes' for the French agency
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French rates risk appetite returns but OAT spreads still a hurdle for covered issuers
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◆ Pricing tightened 7bp ◆ Predecessor's curve used in bookbuilding ◆ 30 year bond grabs impressive book
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Newly rated supermarket group receives €3bn orders for €500m deal
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◆ Sovereign sells €10bn bond into record demand ◆ First syndication since last year’s political woes ◆ 'Strong demand for French bonds and trust from investors,' says issuer
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◆ Deal the largest single covered bond tranche in euros this year ◆ Single digit premium paid ◆ French issuers make the most of flat belly of the curve
