French Sovereign
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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.
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A French public sector borrower has appointed HSBC as sole arranger for its Euro Medium Term Note programme, as it prepares to make its debut in the bond markets.
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BNP Paribas, Crédit Agricole and Société Générale are making plans for the eventuality of a hard Brexit, in some cases putting swathes of bankers at risk of redundancy. Some DCM and sales teams have been asked to move, though each bank is taking a different approach as to who will need to be relocated to comply with EU regulations.
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A funding official at KfW has switched to the corporate sector.
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Ireland this week added its name to the growing list of sovereign green bond issuers, achieving one of its main goals as it diversified its investor base. A debut French agency issuer joined the sovereign on Wednesday, printing its first ever deal — which also came from the first ever Green Euro Medium Term Note programme.
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Agence Française de Développement got over the line with a 16 year euro benchmark on Thursday, but was unable to tighten the spread from guidance and paid a new issue premium of around 5bp.
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A pair of debut green bond borrowers made blistering entries to the market on Wednesday. Ireland added its name to the growing list of sovereign green issuers with what on-looking bankers said was a “blowout”, while Société du Grand Paris (SGP) printed at the very top of its size expectations on what was also its debut bond issue of any kind.
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Agence Française de Développement mandated banks on Wednesday for a 15 year euro benchmark amid rising investor appetite in that part of the curve.
