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French Sovereign

  • The Agence France Trésor (AFT) has suspended Morgan Stanley’s primary dealership in French government bonds, making it the first bank to suffer such a proscription.
  • The Swiss franc market is having a busy year, with a strong showing from corporate and SSA issuers helping the market to its highest year to date volume since 2015, according to Dealogic.
  • Caisse des Dépôts et Consignations (CDC) is planning to return to the Swiss franc bond market in the latter half of 2020 after an 18-month absence to refinance an upcoming redemption. Elsewhere, the Canton of Geneva returned to the market for the third time this month as it marches towards a record year on the capital markets.
  • Caisse des Dépôts et Consignations issued its yearly Samurai bond on Thursday, raising ¥20bn ($190m) with a dual tranche.
  • Rating: Aa2/AA/AA
  • Following the sale of its third syndication of the year this week — a €3bn inflation-linked bond — France does not expect to bring any more public benchmarks in 2020.
  • Unédic came to the market for its third social bond on Thursday after making its debut in the format less than two months ago. The deal extends the French agency’s social curve out to 15 years and completes its €10bn explicitly guaranteed funding allowance for 2020.
  • France hit screens with a 15 year inflation-linked bond on Wednesday, raising €3bn with its first syndicated linker since 2018, capitalising on growing demand for inflation-linked products.
  • France hit screens on Tuesday to announce a new long-dated inflation-linked benchmark at a time when market participants are bracing for the return of inflation due to the vast amount of monetary stimulus and spending by governments in response to the coronavirus pandemic.
  • SSA
    Agence France Locale hit the market with a September 2027 sustainability bond on Monday, raising €500m at a level one of the leads called "punchy" .
  • This week's funding scorecard looks at the progress French agencies have made in their funding programmes at the end of May
  • SSA
    Agence France Locale is set to sell its first ever sustainability bond, setting up virtual meetings with investors this week. Another debut issuer, NRW.Bank, has just announced details of its inaugural social bond.