French Sovereign

The end of November finds almost every sovereign in the scorecard more than 90% funded for the year. Italy's cause was helped in no small part by a bumper €22.3bn domestic inflation linked bond at the start of the month. The UK - with a funding year running from April March - is also well on track with 70% of its programme completed.

The sovereign funding scorecard expands beyond Europe this month with the addition of Japan. The country has a whopping ¥156.8tr (€1.2tr) target this year but is well on track having raised ¥136.2tr so far.

France and the UK, downgraded by Fitch earlier this year, will probably have to wait until at least 2021 to regain their top ratings, according to a report from the rating agency released this week.

Austria, Belgium, Finland and the UK were among the European sovereigns to add to their funding totals with benchmark deals this month.

As European sovereigns gear up for a busy period of auctions in late August and September, here are the latest funding figures for selected issuers.

France, Germany and Spain held well received auctions of medium to long term debt this week. Here is a round-up of key European sovereigns' funding figures.

France and Spain brushed aside a series of bad headlines to breeze through a cluster of debt auctions on Thursday, as comments by US Federal Reserve chairman, Ben Bernanke on Wednesday night helped to boost market sentiment.

France passed its first test since losing its last triple-A rating on Friday, placing nearly €8bn of bills on Monday with just a slight increase in yields from a week ago. The sovereign is expected to sail through an auction of longer dated debt later on Thursday with similar ease, but a debt auction for Spain on the same day may be a tougher sell as investors digest the latest political scandal from the country, said analysts.

This week's funding scorecard focuses on some of Europe's key sovereigns. Next week's scorecard will offer an update on Spanish regions and gencies.

France was sensible to wait for the needle to return to the middle of the Eurozone volatility seismograph before leading a glorious French flypast of deals across asset classes this week.

France sold a new 30 year benchmark on Tuesday— its first syndication since February 2011. The bond was priced with little concession to the outstanding OAT curve.

France, Cades and the State of North-Rhine Westphalia have mandated banks to lead manage euro benchmarks as an agreement on the Cyprus bailout provided a good enough backdrop for SSAs to get stuck into the euro market.