French Sovereign
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As 'greeniums' on public sector bonds are now hard to define, issuers are focusing on other advantages
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French government bonds sell off across the board after negative news but European peers also suffered on weak morning
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Sovereigns snap up a combined €11bn despite volatile market
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Sovereign pair move ahead of ECB rates verdict and anticipated EU supply
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Investor focus elsewhere for now, but bankers warn that the medium term outlook is shaky after French election
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French debt cheapens as bankers say things will grow more shaky still in run up to second election round
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Sovereign braves linker amid tumbling equities and flattening rate curves
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Investors have the chance to pick up some juicy returns if inflation sticks around
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Sovereign keeps funding target steady for 2022 but plans raft of new, long dated benchmarks
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The SSA bond market is playing host to three SRI labelled deals in euros this week, with no conventional debt slated for issuance at all so far.
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A pair of SSA borrowers are set to squeeze a pair of benchmarks in on Tuesday just before the summer holidays period commences in earnest.
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Covered bond and SSA research analysts at Société Générale are set to leave the bank for other firms later this year.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, July 12. The source for secondary trading levels is ICE Data Services
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France stuck to its approach of engaging with investors during bookbuilding to persuade them not to inflate orders for its second syndication in a row this week, when the sovereign brought a new 30 year OAT to the market.
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Two public sector borrowers hit the primary euro market on Thursday, with the International Development Association selling its biggest ever bond in the currency and France’s Action Logement Services extending its curve with just its second ever trade.
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Agence France Trésor, the French sovereign debt office, has appointed a new chief executive to replace Anthony Requin, who has stepped down after six years in the role.
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France’s Action Logement Services (ALS) is preparing to issue its second ever bond, after making its debut in the capital markets in October 2019.
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France impressed SSA bankers as it paid a tiny new issue premium for a new 30 year OAT via syndication on Tuesday.
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France is preparing a 30 year OAT syndication, capitalising on a market that seems eager for paper that has snapped up an EFSF tap with an order book more than eight times subscribed.
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Agence France Trésor (AFT), the French sovereign debt office, has hired Antoine Mannevy as a debt market operations dealer.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes.
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Unédic hit the market on Wednesday with a €2bn 15 year social benchmark, entering the market as the ripples from Tuesday's €20bn Next Generation EU bond print settled.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 14. The source for secondary trading levels is ICE Data Services.
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Bpifrance launched a rare Friday deal this week, raising €1bn with a 10 year benchmark and managing to move the spread 3bp.
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Bpifrance has announced a euro benchmark, following in the footsteps of two other French issuers that came to market this week.
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The SSA sterling market has enjoyed its busiest week for two months, with three borrowers coming to market. More could be set to follow if conditions remain tranquil.
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CDP Financial, one of Canada's largest public pension asset managers, joined three other public sector borrowers in the dollar market on Tuesday to sell its debut green bond.
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A slew of SSA issuers hit screens on Monday to announce dollar benchmarks. Despite the crowded market, dollar deals — particularly at the short end of the curve — are expected to be well received.
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Île-de-France Mobilités, the state-owned authority for public transport in the Île-de-France region, is set to make its first trip to the green bond market. The borrower intends to use green bonds for around 60% of its financing needs until the end of 2025.
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Two SSA borrowers landed in the euro bond market on Wednesday while a third lined up business for next week. Issuers may still be achieving good results but bankers believe conditions are turning bad.