French Sovereign
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Supranational and agency borrowers showed their steel once again this week, printing a series of euro deals in the face of strong volatility.
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Bpifrance Financement sold a five year €500m bond on Wednesday as a moderate rise in Bund yields suggested calm after a turbulent open to the week. -
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Caisse d'Amortissement de la Dette Sociale (Cades) priced a £500m three year bond on the same day that KommuneKredit mandated for a tap in the currency.
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This week's funding scorecard looks at the funding progress of French agencies
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Sagess opted to sit out another turbulent day on Tuesday despite having a deal mandate out, but conditions were not sufficiently bad to dent a dual tranche deal from a supranational nor stop a pair of more regular agencies mandating.
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The European Financial Stability Facility will hit the short and long end of the curve with its second benchmark of the year, a move that is being viewed as an effort to achieve size and duration.
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Commerzbank this week became the latest bank to lose its place on a sovereign’s list of primary dealerships, raising a familiar, weary groan from SSA bankers worried about the future of the model — but the head of a major eurozone sovereign has said that issuers are on the banks’ side.
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SSA issuers are readying themselves for a busy 2016 after the Fed eased the markets into a higher rates environment on Thursday.
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France is looking to lock in ultra-long dated funding in 2016 with its first syndication above 32 years since 2010.
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Unédic and the Province of Quebec on Monday became the first issuers to print in euros since the European Central Bank disappointed market participants at a meeting of its governing council last week.
