Caisse d Amortissement de la Dette Sociale

Caisse d’Amortissement de la Dette Sociale is the first issuer to mandate in euros after the European Central Bank slashed its main refinancing rate and deposit rate by 10bp last week. The agency is looking to sell a 10 year deal, which is expected to attract strong demand despite the outright yield looking set to fall below 1.4%, as the deal has rarity value. It is Cades’s first benchmark size appearance in that part of the curve since last year.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

This week SSA Markets provides funding updates on selected French borrowers. Read on to see which borrower is nearly three-quarters done for the year already.

Cades took to the dollar market on Thursday, selling a rare 10 year print. The issuer was inspired to sell the tricky maturity by a strong market this week and was rewarded with almost $4bn of orders.

Cades and KfW were the latest issuers to add to a flood of dollar issuance on Wednesday afternoon, hiring banks for a 10 year and four year deal respectively. The European Investment Bank and L-Bank both enjoyed solid demand for benchmarks of their own on Wednesday.

The European Financial Stability Facility completed its €14bn funding target for the first quarter of the year with a €2bn tap of its July 2018 bonds on Wednesday. Elsewhere in euros, Bank Nederlandse Gemeenten sold a €1.5bn five year benchmark and Cades printed a €1bn tap.

The European Financial Stability Facility, Bank Nederlandse Gemeenten and Cades lined up to stuff full an already busy euro pipeline on Tuesday, after mandating banks for a series of euro deals. The issuers follow Belgium and KfW, which both attracted strong books to deals at different ends of the curve.

Read on to see how deals priced earlier in the year are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Read on to see how deals priced earlier in the year are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

French government guaranteed agency Unédic raised €2.5bn of 10 year money at the tight end of guidance just a day after the European Financial Stability Facility took €4bn out of the market. Meanwhile, fellow French agency Cades was wowed by the amount of demand from Asian investors for its record breaking benchmark priced on Wednesday.