French Sovereign
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Five SSA issuers brought dollar deals to market this week, hitting screens in a variety of formats and tenors. With investors undeterred by volatile government bond yields, issuers made the most of excellent conditions to pull off impressive deals. -
Agence Française de Développement is preparing to issue its first green bond since September 2018.
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The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.
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France printed a €5bn 2052 benchmark on Tuesday, opting for an aggressive pricing strategy and keeping to a more restrained size than its typical €7bn.
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Greece and France mandated banks on Monday for new benchmark offerings at the long end of the curve, the former bringing its longest bond since the eurozone debt crisis. The sovereigns are taking advantage of a sharp rally in core and peripheral eurozone sovereign yields, partially engendered by a flight to quality over the coronavirus scare.
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Caisse d’Amortissement de la Dette Sociale has a €4bn funding programme lined up for 2020, matching the total it raised in 2019.
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The Swiss franc bond market has been able to withstand — just — the destructive forces of negative rates and yields and is looking forward to a new year in which green structures are set to blossom. Philip Moore reports
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Specialisation could define MTNs in 2020 as the market looks to differentiate itself from public markets where borrowers are easily executing large, cheap, liquid benchmarks. MTN dealers’ change of focus is shaking up the league tables. Frank Jackman reports
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Morgan Stanley has been fined €20m by the Autorité des Marchés Financiers (AMF) for manipulation of French and Belgian government bond prices. The bank intends to appeal the fine.
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Two French public sector agencies have closed their borrowing programmes for the year below their planned size, with one agency cutting short its funding by almost a third.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes as we approach the end of November.
