French Sovereign
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Public sector borrowers have crammed more dollar deals into Tuesday than are sometimes seen in a week. But far from suffering from too much choice, investors gobbled up everything on offer — and bankers expect them to do just the same for two deals on Wednesday’s menu. -
Rentenbank will tap a resurgent long end dollar market on Tuesday, alongside a rare appearance in the currency from the Canadian sovereign in fives and a French agency in threes. This is only the second time in nearly two and a half years that issuers have peppered the whole of the dollar curve on the same day.
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Caisse des Dépôts et Consignations (CDC) returned to the Swiss franc market after a four year absence on Monday, in order to refinance a Sfr250m ($250.2m) 10 year Swiss franc bond expiring in two weeks’ time — but the French agency had to pay over its euro curve for entry.
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The votes are in and the scores have been calculated. Two European borrowers brought benchmarks to market last week and the BondMarker voters have rendered their verdict.
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Public sector borrowers are flocking to the green bond market, dominating the upcoming SSA pipeline as the year draws to a close.
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Agence Française de Développement has placed a €205m clip maturing in 2037, exceeding the length of its previous longest trade in the currency by five years.
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Two more public sector borrowers are set to add to the flurry of socially responsible investments dominating the upcoming SSA pipeline late in the year.
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Agence Française de Développement will go on tour to market its newly established climate bonds programme in preparation for a euro deal with a tenor between five and 10 years.
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The scores have been counted and the results are in. The BondMarker voters have delivered their verdict on last week's crop of benchmarks, including a scintillating pair of deals from supranationals. Two deals from French agencies met with drastically different levels of approval from the BondMarker voters, but both fared better than Land NRW.
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Investors in public sector dollar deals have found themselves forced to accept brutally tight pricing as issuers drive in spreads to round off their funding programmes.
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Agencies from the Netherlands, France and Germany are set to come to market on Tuesday for short dated dollar deals.
