French Sovereign
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France tapped its Green OAT on Thursday for the third time, raising €1.096bn.
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Volatility from several sources has driven investors into core govvie products, causing curves to rally. Only one issuer was positioned to reap the benefits.
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France’s inflation linked bond issue on Wednesday drew the nation's largest book ever for a linker bond, in spite of a curve squeezed tight by volatility.
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France announced on Tuesday that it will come to market for an 18 year inflation linked benchmark, making the most of a pre-Easter lull in issuance.
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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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Senior executives of the International Finance Corp and Amundi will gather in Paris on Friday afternoon for the official signing of Amundi Planet — Emerging Green One: the innovative fund the organisations set up to invest in green bonds issued by emerging market banks. The fund is already closed and listed on the Luxembourg Stock Exchange.
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Guarantors: Kingdom of Belgium (51%), Republic of France (46%) and Grand Duchy of Luxembourg (3%)
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The sterling SSA market snapped back into life with a flurry of new deals after a quiet few weeks — although bankers lamented that the issuance door may have closed just as quickly as it opened.
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The widening of the dollar Libor/Overnight Indexed Swap (OIS) spread may be one of the biggest talking points in bond markets but it is wrenching open funding opportunities for public sector borrowers. The accompanying widening in dollar swap spreads led two issuers to break new issue records, writes Craig McGlashan.
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Public sector borrowers found buckets of dollar demand on Tuesday, as a French agency sold its largest ever benchmark in the currency and a supranational printed a trade at the upper end of its historical size range. Another supra is lined up to test whether that demand will hold on Wednesday.