France
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The European Investment Bank and Caisse d’Amortissement de la Dette Sociale (Cades) took centre stage in the public sector dollar market this week, ahead of the Lunar New Year, with EIB selling its first 10 year benchmark in the currency since 2015. -
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The European Investment Bank became the latest SSA to hit the unusually popular 10 year dollar bucket on Tuesday, raising an impressive $4bn. The European supra was joined at five years by a jumbo trade from Caisse d’Amortissement de la Dette Sociale.
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A senior ETF manager at Invesco says it has become much harder for active funds to beat additional tier one indices, with the market having grown increasing homogenous in recent years.
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Hydrogen Refueling Solutions, a French company that designs and manufactures refuelling stations, has priced a popular IPO on the Euronext Paris exchange, the latest sign that hydrogen technology is gaining mainstream enthusiasm among green investors.
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Spain will lead the public sector borrowers' charge into the primary bond market this week with its second ever 50 year benchmark syndicated deal ahead of the Chinese New Year holiday.
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Caisse Française de Financement Local attracted strong demand for its 15 year covered bond on Monday, allowing the deal to be priced inside fair value. The strong outcome reflects the expected paucity of supply, giving issuers a compelling advantage, allowing them to “dictate deal terms”.
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Morgan Stanley swung by the euro market this week to raise €1.75bn of new senior debt. The move was unexpected given that pricing for international issuers remains more favourable in dollars.
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Agence France Locale, the funding agency for French local authorities, is gearing up for its busiest ever year in the capital markets with plans to issue a structured private placement and follow up January’s deal with a second euro benchmark this year.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 1. The source for secondary trading levels is ICE Data Services.
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The Agence France Trésor (AFT), the French sovereign debt office, has announced that it will issue up to €15bn of green bonds this year, a sharp increase in supply from last year.
