French Sovereign
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France and Denmark have increased the size of their annual funding programmes as a result of the coronavirus pandemic, with the former making the third upward revision to its borrowing needs in as many months. -
A wide gamut of deals across asset classes filtered through the Swiss franc market this week. Gyrations in swaps allowed Crédit Agricole to come flat on euros on Thursday, while also giving investors a great deal on a long end Lausanne trade.
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Unédic, the French unemployment agency, raised €4bn on Wednesday with a November 2029 social bond — its third under its new funding programme, which consists entirely of social bonds.
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Unédic is preparing to issue its second social bond following its debut trade in the format less than a month ago — itself the biggest social bond ever from any issuer.
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Spain and SNCF SA announced new euro benchmarks with 20 year maturities on Monday, following the European Investment Bank’s record-breaking effort in the tenor last Friday.
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After a rocky two months, the CP market is starting to normalise as spreads track in to their pre-pandemic levels and borrowers find themselves flush with cash.
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A trio of double-A rated SSA names from South Korea, Central America and France tapped the Swiss franc market this week, raising a combined Sfr550m ($575.8m) and paving the way for other similar issuers to follow.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 1. The source for secondary trading levels is ICE Data Services.
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France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow.
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The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.
