French Sovereign
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Two public sector borrowers had very contrasting fortunes with no-grow three year dollar bond issues on a volatile Tuesday. -
Agence Française de Développement (AFD) has pulled a three year dollar deal that was expected to be priced today.
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The public sector dollar market looks set to pick up the pace of a record breaking January after last week’s slowdown in issuance, with two borrowers on screen for Tuesday business at press time on Monday and more issuance expected later in the week.
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The Conservative UK government may be undermining London’s status as Europe’s pre-eminent financial hub with its seeming determination for a clean/hard/sharp/solid Brexit, but potentially more momentous events across the Channel could soon see financiers flocking in the other direction.
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The race for the French presidency has put pressure on the country’s government bonds (OATs), prompting price moves which could have far-reaching consequences for both covered bond issuers and public sector borrowers. Lewis McLellan reports.
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The Green Bond Principles could be adapted to include clarification on the types of assets eligible for financing from the market, according to a sustainability consultant at Vigeo Eiris. The topic has grown in importance after France’s debut sovereign green bond last week included intangible assets among its use of proceeds.
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French agency Caisse des Dépôts et Consignations is set to follow its sovereign by bringing a debut green bond syndication in 2017, after hiring banks on Thursday to run a roadshow for the potential trade.
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A record breaking green bond debut from France rained €7bn of liquidity over an investor base parched of sovereign supply in the format, bringing new promise to the sector. But while other governments will be encouraged into the market, some worry that US president Donald Trump could stunt the market's growth, writes Craig McGlashan.
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Euros in the public sector bond market have enjoyed an exceptional run throughout January, providing borrowers from all across the public sector with funding in a tremendous breadth of maturities.
