French Sovereign
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A French agency and a Belgian sub-sovereign are preparing to issue their first bonds. -
The SSA green bond market looks set for a busy few weeks, with the Dutch sovereign and Instituto de Crédito Oficial (Ico) primed to print debuts following SNCF Réseau’s tapping its green paper on Thursday.
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SNCF Réseau reopened its December 2047 green bonds for a €250m tap on Thursday, with the issuer bumping up the liquidity of its long dated debt.
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A French public sector borrower is ready to hit the road to market its inaugural benchmark bond, following the launch of its Euro Medium Term Note programme at the end of last year.
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Unédic, the French unemployment agency, is looking to make its foray into the socially responsible bond market.
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Unédic priced through fair value for its first bond of the year on Wednesday, as the European Central Bank’s announcement of fresh liquidity supercharged an already red hot euro SSA market. African Development Bank will hope to find similar success in the 10 year part of the curve after mandating banks for its first benchmark of the year.
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Public sector borrowers in the euro SSA market received strong demand in both the short and long ends of the curve on Tuesday. KfW took advantage of the blistering conditions to sell its first euro benchmark with a three year maturity since 2015, while Société du Grand Paris (SGP) sold its biggest ever bond.
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Société du Grand Paris (SGP) mandated banks on Monday for its second benchmark green bond, following its debut last October. Meanwhile, KfW hit screens for a long three year benchmark, the agency’s third benchmark in euros this year.
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SNCF Réseau took advantage of a move in swap spreads and a favourable euro/dollar basis swap to sell its third dollar benchmark on Friday, ahead of what SSA bankers say will be a busy week of supply in the currency. Nordic agencies are among the issuers expected to be come to the dollar market next week.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes so far this year.
