French Sovereign
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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. -
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.
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The 10 year Bund yield hit a record intraday low on Tuesday, as a German region increased a deal size and a French agency lined up an unconventional eight year deal.
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Île-de-France will open books for its fourth green bond on Tuesday morning, in spite of troubling US jobs data.
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SNCF Réseau sold a dual tranche euro deal on Friday, its second benchmark of the year. The French agency is stepping up its benchmark activity in light of increased funding needs, according to a banker at one of the leads.
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The European Financial Stability Facility is the biggest confirmed name for euro issuance next week, with a wide variety of trade options open to it, according to bankers.
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Nederlandse Waterschapsbank showed the bid for duration in euros is alive and well, after a rapid book build on Thursday on its debut 20 year euro syndication, while a French agency lined up a dual tranche deal.
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This week's scorecard examines how a selection of French agencies are progressing through their 2016 funding programmes.
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Agence France Locale printed its second ever syndication on Wednesday, building an oversubscribed book for a seven year deal.
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Uncertainty regarding the outcome of the US Federal Open Market Committee’s (FOMC) meeting in June drove public sector borrowers to target the short end of the dollar curve this week, said bankers.
