French Sovereign
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The euro public sector market for 10 year deals encountered a steep sell-off in secondary and underperformance in primary this week, as investors take a cautious approach as the European Central Bank’s quantitative easing stimulus comes to a close at the end of the year. -
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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Public sector borrowers were able to tighten pricing and achieve well oversubscribed books for socially responsible investment bonds on Tuesday, as investors took advantage of the flood of issuance in the sector. The momentum is likely to continue with more deals expected over the coming weeks, according to SSA bankers.
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The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.
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Cassa Depositi e Prestiti on Tuesday brought the first syndicated SSA supply from Italy since a large sell-off in BTPs began in May — and investors appeared happy with the risk, allowing tightened pricing and a well-oversubscribed book. The sustainability bond came amid a flurry of SRI deals.
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Société du Grand Paris mandated banks on Monday to market its debut green bond.
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The French region mandated banks on Friday for its first green and social bond, which has been targeted for the long end of euro curve.
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After a stellar public sector euro market in 2018, there were signs on several deals this week that demand has waned.
