French Sovereign
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A stream of dollar issuance over the last few weeks looks like it will keep flowing right into this Wednesday’s US Federal Reserve meeting, after a pair of borrowers mandated on Monday for no-grow $1bn deals. -
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Agence Française de Développement hit the sweet spot for supply-starved, yield-hungry investors on Wednesday with a 10 year euro benchmark.
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Agence Française de Développement looked set to become only the second borrower to emerge with a euro benchmark since the UK’s Brexit vote after announcing plans for a new 10 year on Tuesday.
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This week's scorecard looks at the progress French agencies have made halfway through the year.
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Agence France Locale will diversify its funding sources before the end of the year by signing a Euro-commercial paper programme and printing long dated, privately placed EMTNs.
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The European Central Bank's asset purchase programme allowed some issuers to grab cheap funding this week but uncertainty surrounding the freshly launched corporate programme was less helpful for one French issuer.
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Île-de-France was able to tighten pricing on a green bond by 5bp from initial thoughts while still overshooting its target size this week. Bankers away from the deal said it was more a sign of the maturity of the green bond market than about any one issuer or bond.
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Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.
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Régie Autonome des Transports Parisiens struggled to fill the order book for a no-grow €500m bond on Wednesday, thanks in part to confusion surrounding its eligibility for purchase by the European Central Bank.
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Île-de-France was able to tighten pricing by 5bp from initial price thoughts for its fourth foray into the green bond market and still managed to increase the deal from its initial target size.
