French Sovereign
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Unédic was almost three times covered for a 10 year bond on Thursday, with the leads pointing to the relative value of the trade and the quality of name as the factors behind its success against a difficult market backdrop. -
A pair of SSA borrowers hit screens on Wednesday for green euro benchmarks. However, one has decided that its marketing process will be entirely conducted over the phone.
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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, February 17. The source for secondary trading levels is ICE Data Services.
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Borrowers hit screens in euros from three to 50 years this week, all enjoying heavily subscribed books and pricing with skinny new issue premiums thanks to investors’ confidence in consistent support from the European Central Bank.
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Société du Grand Paris hoovered up strong demand this week to sell the longest ever public syndicated green bond. The French agency was joined by three other public sector borrowers in raising socially responsible bonds this week, including the first European city to issue a social-labelled bond.
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Agence Française de Développement is looking to expand its thematic bond framework to include the issuance of social-labelled debt.
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Société du Grand Paris impressed the SSA market on Tuesday with a series of superlatives. It sold its biggest ever bond with the longest ever maturity for a syndicated green bond in any asset class. The City of Munich hit another landmark with the first social bond from a European city.
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Two European borrowers hit screens on Monday morning at the short end of the euro curve, with a third set to follow suit on Tuesday as issuers. Both of Monday’s deals received extraordinarily strong demand.
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Société du Grand Paris and the City of Munich will break new ground in the socially responsible bond market this week as the pipeline for green and social debt from public sector borrowers builds.
