French Sovereign
-
-
Public sector borrowers piled into dollars across the curve this week, with every issuer finding plenty of demand. But it was trades from Finland and Cades which stood out with aggressive price tightening and chunky order books as they made their long-awaited returns to the currency. -
Unédic and NRW.Bank are planning to issue their first ever social bonds. The proceeds of Unédic's bond will go towards providing support for the French state unemployment package.
-
The Republic of Finland had to share its return to dollar market on Wednesday with a trio of three year SSA deals. Demand for dollar SSA bonds has been strong this week, and with mandates out for five and seven year deals,issuers are still looking to take advantage
-
Five public sector borrowers are marketing dollar bonds across the curve kicking off what it is expected to be a busy week in the currency.
-
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, May 4. The source for secondary trading levels is ICE Data Services.
-
France is looking at conducting a large syndication this month as it looks to finance a much bigger funding programme, according to SSA debt capital markets bankers.
-
Unédic, the French agency responsible for providing the country's unemployed with social benefits, has had to ramp up its borrowing programme for 2021, thanks to the impact of the coronavirus pandemic.
-
The European Central Bank’s press conference on Thursday did not provide the headline fireworks that its last meeting did. The sombre tone caused “disappointment” among investors and a slight widening of peripheral spreads. SSA issuers were also left dissatisfied with the bank’s lack of support for the money markets.
-
The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark.
-
The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.
-
Bpifrance became the first French issuer to sell a Covid-19 response bond on Friday, raising €1.5bn.
