French Sovereign
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Bpifrance is preparing to issue a bond which will be used to provide loans to companies in France to help them overcome the economic difficulties of the coronavirus pandemic. -
The European Central Bank’s purchase programme will do little to aid agencies in raising cash in the commercial paper market, making little difference to rising borrowing costs and expanding programmes, according to Jérôme Margerin, head of short-term funding at ACOSS, one of Europe’s largest non-sovereign CP issuers.
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Syctom, a French metropolitan agency responsible for household waste management in the Île-de-France region, printed its debut bond at the end of last week, selling a green bond that will go towards funding sustainable waste management projects in the Paris region.
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Agence Française de Développement (AFD) will tap the dollar market this week to become the latest public sector borrower to print a bond in response to the coronavirus pandemic.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes by the middle of April.
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Agence France Trésor, the French sovereign debt office, has published a second draft budget bill for 2020, which will see it issue much more debt than previously announced.
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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 Tuesday, April 14. The source for secondary trading levels is ICE Data Services.
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Agence Française de Développement (AFD) was the latest public sector agency to head to the euro market this week as it raised €1.5bn on Wednesday with a 10 year benchmark. While the deal was fully subscribed, the order book was not huge and the pricing did not tighten from guidance, indicating that the market may be slowing.
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Agence Française de Développement raised €1.5bn on Wednesday with a 10 year Reg S benchmark. While the deal was fully subscribed, pricing was not tightened from guidance, indicating that the frothy moves of the last three weeks may be slowing.
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Caisse Centrale du Crédit Immobilier de France (3CIF) came to market with a five year bond on Monday, paving the way for fellow French agency SNCF to follow up with its green debut.
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Public sector borrowers returned en masse to the primary bond market this week, with many selling new issues with an explicit focus on providing emergency financing in response to the coronavirus outbreak.
