French Sovereign
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CPPIB Capital will sell its first ever green bond this week, coming on the heels of a French region’s foray into green and sustainability bonds. -
SFIL followed KfW into a reopened dollar market this week with only its second ever dollar benchmark, while engaging in a bit of price discovery that leads said was “spot on”.
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KfW reopened the public sector dollar market on Wednesday by picking up a hefty $4bn from a well oversubscribed book. Société de Financement Local will be next up, after mandating banks for a trade.
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The political manoeuvrings in Italy’s path to being governed — as well as poor eurozone economic data — played havoc with rates this week, leading to SSA deals either paying higher new issue concessions, or falling short of subscription. More volatility could come, after the country’s president approved the likely coalition partners’ choice of prime minister but held back from appointing a eurosceptic economist to take charge of the country’s economy. Craig McGlashan reports.
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Dexia Crédit Local scored what leads said was a good result on Thursday as it brought a trade at the upper end of its size plans and tightened pricing during another volatile day for eurozone rates. KfW was also out in euros, with a tap, although it appeared to be more of a slow burner.
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Unédic played it safe by offering extra new issue concession to traverse a choppy euro market on Wednesday, ending up with a €1bn 15 year deal and a 1bp tightening from guidance. Dexia Crédit Local is out for a euro deal on Thursday, although bankers said the shorter duration trade should mean the volatility will be less of a test.
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The European Investment Bank has printed a new Climate Awareness Bond — its sole euro green bond for 2018 — opting for an aggressive price and falling short of full subscription. A French agency will follow the supranational’s lead, mandating for a deal with the same tenor.
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The euro bond market should spring back into life next week, with a pair of quiet weeks safely in the rear view mirror.
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This week's funding scorecard looks at the process French agencies have made in their funding so far in 2018.
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Two SSA borrowers printed euro benchmarks on Thursday, rounding out one of the strongest weeks of issuance in the currency of the year.
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The two borrowers that closed out the first quarter with benchmarks have now been examined by the BondMarker voters.
