Caisse d Amortissement de la Dette Sociale
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This week's funding scorecard looks at the progress French agencies have made with their funding plans so far in 2017. -
Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.
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US politics are the biggest potential threat to market stability in 2017, outstripping concerns over a series of European presidential and general elections, according to Philippe Noël, head of capital markets at Caisse d'Amortissement de la Dette Sociale. Noël made the comment as the French agency outlined its funding plans for 2017.
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Cades more than doubled its minimum size target for a euro benchmark tap on Thursday, as the European Investment Bank also printed a large euro tap.
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Régie Autonome des Transports Parisiens struggled to fill the order book for a no-grow €500m bond on Wednesday, thanks in part to confusion surrounding its eligibility for purchase by the European Central Bank.
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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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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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A trio of issuers prepared to print in euros across the maturity curve in a dash before the Chinese New Year holiday starts next week, following a pair of euro benchmarks on Tuesday.
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Bankers say that five years appears to be the right point in euros in a week in which a raft of issuers hit the books.
