French Sovereign
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Agence France Locale is set to bring its second ever syndication on Wednesday, after unveiling details of the trade on Tuesday. -
Public sector issuers are printing at the short end of the dollar curve, a tactic they are likely to stick to in the build-up to the next US Federal Reserve rate decision on June 15, said bankers.
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A weaker than expected set of non-farm payroll data last week did little to deter issuers on Monday as a pair of borrowers awarded mandates.
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Agence France Locale (AFL), awarded a mandate on Wednesday for a benchmark bond as bankers said that regardless of the tough backdrop in equities the SSA market remains in rude health.
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Belgium is set to bring a private dabbling in ultra-long debt issuance into the public sphere, as it mandated on Wednesday for a debut 50 year euro benchmark a week after placing its second 100 year medium term note.
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The European Stability Mechanism rode the crest of a wave of demand for duration on Tuesday to complete its remaining funding needs for the second quarter, as Unédic looked to hit a shorter maturity.
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Another blistering week for euro issuance from public sector borrowers brought a dual tranche 20 and 50 year benchmark from the French government that other sovereigns could ape — but only if their liquidity strategy allows it, writes Craig McGlashan.
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A stream of SSA borrowers entered the primary bond market this week in both euros and dollars. Dual tranche deals were popular as borrowers sought to take size without paying heavy new issue premiums.
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A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor.
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France is preparing its first dual tranche trade, targeting the 20 and 50 year parts of the curve, while bankers expect the European Stability Mechanism to aim for a shorter tenor this week.
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Read on to see how selected French agencies are progressing through their 2015 funding programmes.
