French Sovereign
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Public sector issuers have streamed back into the primary market in euros after being kept away by weeks of volatility. This week is already the second busiest of the year for the sector, but investors are starting to focus on where interest rates are headed. -
France sold its first syndicated tap on Tuesday, adding €4bn to its GrOAT line. The sovereign will be followed in the green market by a Danish agency's sophomore offering.
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France is set to revisit the SRI market, announcing a syndicated tap of its June 2039 Green OAT, or GrOAT. The deal will follow a German agency's annual green bond.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes as the first half of the year draws to a close.
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The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports.
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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
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A French agency hit the short end of the euro market on Wednesday in what is likely the final SSA euro benchmark ahead of the European Central Bank’s meeting on Thursday.
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While borrowers crowded into the euro market on Tuesday, investors were reluctant to commit funds only two days ahead of a hotly anticipated European Central Bank meeting.
