French Sovereign
-
Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance. -
Big central bank and bank treasury demand, alongside good liquidity in the sterling/dollar cross currency basis swap and issuers’ willingness to print large deals, are driving the strongest ever start for the sterling SSA market — and a record trade for World Bank.
-
A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.
-
A senior funding officer at a European SSA has crossed the aisle to take up a syndicate position at an investment bank.
-
Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
-
The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.
-
KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.
-
Agence France Trésor is about to finish deciding the scope of eligible green projects that could be funded by its green OAT issuance in 2018, and will announce this to the market by mid-January.
-
The green OAT issuance programme of France involves a cost to the issuer, but this has so far been compensated for by the slightly cheaper funding France can get by issuing green bonds.
-
France is looking to syndicate an inflation linked benchmark in 2018, after announcing its funding plans for the year on Thursday.
-
Caisse d'Amortissement de la Dette Sociale’s funding need for 2018 will be less than half that of 2017, the French agency said on Tuesday. It also provided an update on its merger with Agence France Trésor, the French sovereign debt agency.
-
France’s pioneering work on sovereign green bonds took another step forward on Monday, as it named the members of its green OAT evaluation council on the same day that the group held its first meeting.
