French Sovereign
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Wobbles in eurozone government bond secondaries this week failed to deter a strong showing from a pair of public sector issuers in primary on Tuesday. Unédic found strong demand and tightened from guidance on its longest dated benchmark ever, while Austria broke a series of records with a 10 year euro benchmark. -
Once France broke international records for sovereign defaults, thanks to wars, money printing and dodgy liability management.
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The pace of borrowing has slackened for public sector borrowers as Easter approaches but a few are still out hunting for second quarter funding.
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Unédic and Austria have announced that they will sell euro benchmarks at the long end of the curve on Tuesday.
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Fears of Marine Le Pen winning this year’s French presidential election may have receded but investors should be hoping that her loss will be to frontrunner Emmanuel Macron — and not to former favourite François Fillon.
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The brace of deals printed last week proved evenly matched under the scrutiny of the GC BondMarker voters.
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Investors looking for new public sector avenues in which to deploy their cash can now turn to Moody’s to provide ratings for otherwise unrated public sector borrowers in the UK, France and Germany.
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This week's funding scorecard looks at the progress French agencies have made in their funding progress so far this year.
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Two French borrowers and one from the Netherlands pulled off successful deals this week, proving that the market is still open for borrowers at the right price, but both investors and issuers remain nervy.
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