French Sovereign
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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.
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Bpifrance became the first French issuer to sell a Covid-19 response bond on Friday, raising €1.5bn.
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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.
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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.
