French Sovereign
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Primary market unruffled, but EFSF and EU to test sentiment next week -
◆ 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
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◆ €5bn of green tap executed quickly ◆ Syndications over for 2025 ◆ Strong green demand confirmed
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◆ Sovereign ‘clearly listened to investors’ ◆ 15-20 year linker tap slightly different from planned ◆ One long green tap left for 2025
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Scope warns country is ‘heading towards difficult budgetary trade-offs’ with increased defence spending
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Sovereign expected to pass its first rating test in 2025 with four more to come before early April
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◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy
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Agency prints tight in euros as French political trauma eases
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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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OAT yields and spreads calm, but next year’s supply is crucial
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As 'greeniums' on public sector bonds are now hard to define, issuers are focusing on other advantages
