French Sovereign
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Euros issuance could be focused on the shorter end of the curve in the coming months, bankers said, given the considerable risks of investing in a longer dated bond at a time at which the European Central Bank's interest rates sit at record lows. -
The City of Paris is set to follow deals from the European Stability Mechanism and SNCF Réseau last week by bringing a trade at the long end of the euro curve.
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SNCF Réseau became the second SSA issuer of the week to target the long end of the euro curve, printing a €500m May 2037 on Wednesday.
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Unédic and the European Stability Mechanism nipped in ahead of the Easter holiday to print euro benchmarks, in seven and 20 year tenors, respectively.
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Unédic and the European Stability Mechanism are set to price euro deals this week, taking advantage of a window before the start of the Easter holidays later this week.
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A postponed deal as issuers clashed in the SSA market left a blemish on a strong week for the improving public sector dollar bond market. But such occurrences may well become the norm as issuers crowd in to narrow windows, writes Craig McGlashan.
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Caisse d'Amortissement de la Dette Sociale found strong demand at the five year part of the dollar curve on Tuesday, as L-Bank delayed a deal in the same currency and tenor.
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Read on to see how French agencies have progressed through their 2016 funding programmes.
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The long end of the euro curve is wide open for public sector borrowers, after a pair of issuers printed deals this week and speculation grew that further central bank stimulus is on the way.
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Unédic joined a mini resurgence in the 10 year part of the euro curve with the third new issue in the tenor in two weeks, following a one month dearth of supply.
