French Sovereign
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SNCF Mobilités on Thursday took its time to get over the line on a €1bn February 2029 in a euro market that has looked all but bottomless this week. -
France’s €7bn green OAT is a cert for the awards ceremonies. But are investors in it really helping the environment?
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Deal after deal has hit screens in euros this week as issuers from all across the public sector spectrum printed in maturities from five to 30 years.
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While many of the main euro issuers have already scored their big January benchmarks, the pipeline of euro issuance is growing increasingly congested, although the range of maturities on offer should allow borrowers to avoid treading on each other's toes.
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France surpassed the expectations of even the most passionate supporters of the green bond market on Tuesday, selling comfortably the largest ever print in the format. Socially responsible investment (SRI) experts believe the deal makes it almost certain that other sovereign issuers will add green bonds to their funding mix.
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The Agence France Trésor has announced the maturity date for the first ever French sovereign green bond, which could be priced this week.
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The African Development Bank has announced that it will come to market for its second ever euro syndication.
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Guarantor: issued from non-guaranteed Neu MTN programme
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Auckland Council on Thursday pulled off a 7bp tightening for its first ever public deal in euros. The trade was joined in the market by paper from the City of Hamburg and Bpifrance Financement.
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Agence Française de Développement made its 2017 debut with a €1.5bn five year on Wednesday, but longer dated euro deals seem to be struggling as European Investment Bank found with a April 2032 tap.
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The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.
