French Sovereign
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Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance -
◆ Biggest and most popular green OAT ever ◆ Third and final syndication came earlier than in previous years ◆ Leading position in green bonds and EGB market affirmed
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‘Amazing’ reception for long dated syndications but issuers explore different options amid persistant duration risk
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◆ €10bn blockbuster launched with €100bn-plus book ◆ ‘Very good start to the year,’ says issuer ◆ Diversification targeted and achieved
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Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist
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S&P’s cut to sovereign rating was unscheduled, but unsurprising
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Issuer to price seven year tap and new 15 year line as France loses its prime minister, again
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Rating changes to EFSF, French agencies yet to come, impact expected to be minimal
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New long bond to be an ‘eye-catcher’ for absolute yield buyers
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Primary market unruffled, but EFSF and EU to test sentiment next week
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◆ French government at risk of collapsing, again ◆ 'Roller-coaster ride' but issuer comes out unscathed ◆ Finding a 'good starting point' key
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Analysts warn of spillover from potential sovereign downgrade, threatening regulatory treatment and spreads of agency bonds
