French Sovereign
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A pair of public sector borrowers switched up their approaches in dollars on Thursday, with the European Investment Bank taking the rare move of revising pricing and Caisse d’Amortissement de la Dette Sociale bringing a trade earlier than normal. -
A dual tranche global deal from the Asian Development Bank on Wednesday at least temporarily dashed hopes that this year could be strong for 10 year dollar benchmark issuance — although some bankers away from the trade felt that the problems were idiosyncratic rather than reflective of demand.
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France has wasted little of 2017 in getting its green bond to market having missed the chance to be the first sovereign to print in the format when Poland brought a deal at the end of last year. It announced on Tuesday the six banks that will run the trade.
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France will aim for the long end of the curve with its first ever green bond, which it plans to syndicate in 2017.
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US politics are the biggest potential threat to market stability in 2017, outstripping concerns over a series of European presidential and general elections, according to Philippe Noël, head of capital markets at Caisse d'Amortissement de la Dette Sociale. Noël made the comment as the French agency outlined its funding plans for 2017.
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The euro market for public sector borrowers repoened on Tuesday as a pair of issuers took advantage of calmer conditions since the US election on November 8 to raise nearly €2bn in total — both paying small new issue premiums.
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Agence Française de Développement on Monday mandated banks for what is set to be the first euro benchmark from a public sector borrower in nearly a month.
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Find out how far progressed French agencies are in their funding programmes as we enter November.
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SNCF Réseau printed its first ever green bond on Thursday, becoming the first Eurozone railway company to sell a green bond. It was joined in the socially responsible investment market by a vaccine bond from IFFIm.
