French Sovereign
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Guarantor: Joint guarantee from Belgium, France and Luxembourg
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Both the European Financial Stability Facility (EFSF) and Dexia Crédit Local were able to take advantage of a strong market and cut 3bp from the spreads paid on their euro benchmarks on Tuesday. -
The European Financial Stability Facility (EFSF) will launch its fourth quarter issuance programme with a new six year benchmark, sharing investors’ screens with a 10 year deal from Dexia.
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This week's scorecard looks that the funding progress of French agencies as we move into the fourth quarter.
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Two more public sector borrowers brought strong trades to finish a bumper week of dollar deals, both printing $1.5bn of short end dollar paper.
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The euro public sector bond market bounced back in fine fashion this week after a shock result in the German federal election, leading to some well oversubscribed trades. A potential Catalonian independence referendum is also not affecting demand, said bankers.
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A glut of short end dollar issuance this week is set to ramp up on Thursday, after a pair of rare names in the currency mandated on Wednesday. The trades will follow a strong showing from Finnvera after the Finnish agency — also an uncommon name in dollars — printed its largest ever trade in the currency.
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Bpifrance Financement has tapped a November 2024 line for €700m, outstripping the size of the original issue and selling into what a banker at one of the leads described as an “amazingly strong market”.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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Agence Française de Développement stormed back into the dollar market on Thursday, printing its largest trade in the currency in six years with a comfortable oversubscription and tightened pricing. The deal put to rest AFD’s pulled dollar trade in February, said bankers.
