French Sovereign
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Agence France Locale printed its first bond denominated in dollars this week. -
The European Central Bank’s decision to include local and regional debt in its public sector purchase programme is set to ease one sub-sovereign’s path to becoming an annual visitor to the public markets, according to its head of funding.
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Two French agencies printed euro deals with matching spreads this week though one picked the five year spot and the other seven years which negated the credit differential.
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European Investment Bank has launched its first equity index-linked bond dedicated exclusively to renewable energy and energy efficiency projects as the Climate Bond Initiative begins a public consultation on a proposed standard for water bonds.
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A second French agency is looking to tap the belly of the euro curve this week and will be hoping to repeat Agence Française de Développement’s earlier success in the currency.
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Another SSA issuer is lining up a seven year euro deal after three borrowers tapped that spot to the tune of over €2bn this week.
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Public sector issuance could grow next year as Europe faces the double cost of strengthening security against terrorism and re-homing people fleeing war in the Middle East, adding to existing supply pressures, bankers have warned.
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The Republic of France may not be alone among public sector borrowers in throwing off the shackles of the European Union’s Stability and Growth Pact next year, as Europe faces the threat of terrorism and financial demands of supporting migrants fleeing war in the Middle East, according to a head of public sector DCM.
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The green bond market was home to a pair of firsts this week, as one seasoned issuer sold its first ever bond in any format at a tighter spread to US Treasuries than mid-swaps, and another made its debut in the SRI format.
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