French Sovereign
-
SNCF Réseau paid a significant new issue premium for its first benchmark green bond since 2017 on Monday. The European Investment Bank will issue its own 10 year euro bond on Tuesday, following trades in sterling and dollars earlier in the year. -
Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3%)
-
-
Public sector dollar issuance has had a slower start to the year than usual — in part because of super strong conditions in other currencies — but SSA bankers are confident the strength of the deals that did come this week will boost the pipeline.
-
The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.
-
Public sector borrowers might switch some of their attention away from a rampant euro market towards dollars, said SSA bankers, after the Inter-American Development Bank and Caisse des Dépôts et Consignations brought strong trades in the currency on Wednesday.
-
The European Investment Bank and Bank Nederlandse Gemeenten showed the strength of the dollar market on Tuesday as they sparked the sector into life for 2019 with benchmarks offering minimal concession. Another pair of SSAs are hoping to emulate that success on Wednesday.
-
UniCredit has hired Audrey Sebban as head of debt capital markets, FIG and SSA for France, the bank said on Tuesday.
-
France will be looking to syndicate its longest benchmark since May 2017 next year, the sovereign announced on Thursday.
-
This week's funding scorecard looks at the progress French agencies have made in their funding programmes as the year comes to a close. A few agencies have also set their funding targets for 2019.
-
France looks set to be in breach of European Union budget rules after president Emmanuel Macron promised a set of concessionary measures in an effort to quell the violent protests of the last few weeks. While, by the absolute letter of the law, France’s breach will not be as bad as Italy’s, such a situation will hardly do much to stem the rise of populism or boost the credibility of the EU.
-
Caisse d’Amortissement de la Dette Sociale will have a slightly higher funding programme in 2019 than 2018, the agency said this week, as French government borrowing costs rose.
