French Sovereign
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Wednesday will be debut day in the green bond market, with Ireland preparing a 12 year inaugural euro benchmark and Société du Grand Paris (SGP) out with a 10 year that will also be its first bond issue of any kind. Both must contend with a market backdrop rife with Italian politics-driven turbulence, although SGP’s deal has so far had what one lead called “one of the strongest starts I’ve seen for a French issuer”. -
Bpifrance has made several appointments to its funding team, including a change of its head of funding.
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NRW.Bank and Unédic drew solid results in the latest BondMarker scores, with the French agency just pipping the German issuer with its overall average.
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Caisse des Dépôts et Consignatios has reduced its 2018 funding target by 10%, but may not even return to the market for further issuance this year, according to a senior funding official at the agency.
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Unédic has decided against a further benchmark bond this year, in a further sign of the slowly diminishing funding programme of the French state employment agency.
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Unédic drew large demand for its first 10 year euro benchmark of the year on Wednesday, allowing the issuer to considerably tighten its spread through pricing.
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Unédic will bring a 10 year euro benchmark on Wednesday that SSA bankers are confident will avoid the fate of some of last week’s deals at that point of the curve.
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Agence France Trésor will increase its use of short-term debt markets after France’s growing deficit — outlined in a government budget statement on Monday — resulted in a nearly €30bn increase in its financing requirements.
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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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