France in the news
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Cades GBP1.5bn 0.125% Dec 25 social bond
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France EUR7bn 0.5% May 72
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France smashes 50 year as EU preps first SURE deal of 2021
France stole the limelight in the euro public sector bond market this week as it set new records for 50 year benchmarks in terms of size, demand and yield. But next week all eyes will be firmly fixed on the EU, which is set to bring its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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Cades brings first ever SSA sterling social bond
Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social security debt, printed a £1.5bn social bond on Wednesday — the first ever deal in that currency and format from a public sector borrower.
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France smashes order book record with new 50 year as long end rush extends
France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve.
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France out for 50 year as sovs look long
Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.
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SNCF SA EUR1.5bn 1% Jan 61
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Deutsche Bahn steams into Swissies
After a near two year absence, Deutsche Bahn pulled into the Swiss franc market to issue 15 year debt with no new issue premium this week, landing inside its own euro curve.
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Dollars scorching as Cades gets monster 10 year
The dollar market is on an unbelievably hot streak, with deal after deal smashing records thanks to cash-rich investors and higher yields in the US Treasury market.
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Cades lines up 10 year dollar deal as US Treasury yields climb
Caisse d'Amortissement de la Dette Sociale hit screens on Monday morning to announce a 10 year dollar benchmark, following the example set by Inter-American Development Bank’s enormous success in the tenor last week.
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Cades funding needs to soar to €40bn
Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social debt, plans to raise almost twice as much as it did this year and more than 10 times what it had initially expected to raise in 2020 before the onset of the coronavirus pandemic.
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France and Belgium announce 2021 funding
France and Belgium announced borrowing programmes for 2021 this week. France is aiming for the same amount as this year, while Belgium is paring back its needs.
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France looks to long end for hefty funding programme
France has lined up its 2021 funding programme, looking to sell some long end syndications and to return to the green bond market for its sophomore outing in the format.
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Italy prints bumper private floater
Italy returned to the private placement market to print one of the year’s largest MTNs on Thursday. The deal stood out this week, since issuance in the market has started to wind down ahead of Christmas.
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Wallonia, Cades bring what may be year's last SSA benchmarks
Two public sector borrowers hit the euro bond market on Wednesday, raising what might well be the final benchmark funding of 2020.
Dealer League Table France
Rank | Lead Manager | Amount $bn | No of issues | Share % |
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1 | BNP Paribas | 3.39 | 3 | 20.00% |
2 | HSBC | 1.87 | 2 | 11.04% |
2 | Credit Agricole CIB | 1.87 | 2 | 11.04% |
4 | SG Corporate & Investment Banking | 1.52 | 1 | 8.96% |
4 | NatWest Markets | 1.52 | 1 | 8.96% |
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Bank Profiles
Latest news by market and league table performance
European Sovereign Bonds
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | SG Corporate & Investment Banking | 4.88 | 3 | 16.63% |
2 | HSBC | 3.99 | 3 | 13.59% |
3 | JPMorgan | 3.00 | 3 | 10.22% |
4 | Citi | 2.89 | 2 | 9.85% |
5 | Barclays | 2.33 | 2 | 7.92% |
Dollar Denominated SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Citi | 7.41 | 12 | 15.37% |
2 | Deutsche Bank | 4.69 | 6 | 9.73% |
3 | JPMorgan | 4.60 | 9 | 9.55% |
4 | BMO Capital Markets | 3.83 | 3 | 7.95% |
5 | BofA Securities | 3.72 | 5 | 7.73% |
Bookrunners of Euro Denominated SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | JPMorgan | 8.94 | 15 | 10.68% |
2 | HSBC | 8.30 | 9 | 9.91% |
3 | SG Corporate & Investment Banking | 7.46 | 7 | 8.91% |
4 | UniCredit | 7.12 | 11 | 8.50% |
5 | Citi | 6.84 | 7 | 8.17% |
Bookrunners of Global SSA (Excl US Agency)
Rank | Lead Manager | Amount $bn | No of issues | Share % |
---|---|---|---|---|
1 | Citi | 14.79 | 19 | 9.78% |
2 | JPMorgan | 14.45 | 40 | 9.56% |
3 | HSBC | 12.32 | 18 | 8.15% |
4 | Deutsche Bank | 10.51 | 17 | 6.96% |
5 | SG Corporate & Investment Banking | 9.06 | 9 | 6.00% |