French Sovereign
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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.
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Inter-American Development Bank won a big reception on Thursday as it completed its benchmark funding for the year with a five year dollar global that rode on the coattails of a similar trade by Asian Development Bank a day earlier. Agence Française de Développement also made a triumphant return to dollars after a pulled trade in February, as it matched its largest ever deal in the currency for size.
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Inter-American Development Bank will on Thursday attempt a five year dollar benchmark, copying a Wednesday deal from Asian Development Bank that bankers on the trade said was the best dollar deal since the summer. Agence Française de Développement is also out with a dollar benchmark — its first since a pulled trade in February.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes as we move away from the summer lull.
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The European Financial Stability Facility on Wednesday sent a request for proposals for its deal window next week, with bankers saying that the supranational has a wide variety of options. The trade is likely to receive a big welcome in a hot euro market, as evidenced by an impressive Unédic trade on Wednesday — dubbed a “cracker” by bankers away from the deal — and equally strong euro deals a day earlier.
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Nederlandse Waterschapsbank brought some supply to the sparse long end of the SRI market on Tuesday, printing a trade that alongside Rentenbank was part of a strong re-emergence of euro supply after the summer.
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The European Financial Stability Facility is set to enjoy enviable conditions when it comes to the euro market next week — during which the Greek sovereign could also make an appearance. Demand at the long end has been particularly strong due to a yield spike last week, which KfW and SCNF Réseau have since taken advantage of.
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The private placement market is proving its worth at the long end in euros and with dollar floaters, helping issuers make the most of excellent conditions.
