France
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Following the sale of its third syndication of the year this week — a €3bn inflation-linked bond — France does not expect to bring any more public benchmarks in 2020. -
Unédic came to the market for its third social bond on Thursday after making its debut in the format less than two months ago. The deal extends the French agency’s social curve out to 15 years and completes its €10bn explicitly guaranteed funding allowance for 2020.
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Insurance companies saw a favourable window of opportunity this week to sell subordinated debt. Assicurazioni Generali, Crédit Agricole Assurances and CCR Re benefited from the supportive backdrop to raise tier two bonds.
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France hit screens with a 15 year inflation-linked bond on Wednesday, raising €3bn with its first syndicated linker since 2018, capitalising on growing demand for inflation-linked products.
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France hit screens on Tuesday to announce a new long-dated inflation-linked benchmark at a time when market participants are bracing for the return of inflation due to the vast amount of monetary stimulus and spending by governments in response to the coronavirus pandemic.
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Crédit Agricole Assurances (CAA) added to the subordinated deal flow in the FIG bond market on Tuesday by launching a tier two bond. The French insurer benefitted from the rarity of its appearances in primary markets, and the large deal size meant that although the issuer paid some premium, it "did not leave much value on the table", according to a lead manager.
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Agence France Locale hit the market with a September 2027 sustainability bond on Monday, raising €500m at a level one of the leads called "punchy" .
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Yankee banks ensured a record-breaking first half ended on a high, as European lenders took advantage of strong demand for tier two paper.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes at the end of May
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Agence France Locale is set to sell its first ever sustainability bond, setting up virtual meetings with investors this week. Another debut issuer, NRW.Bank, has just announced details of its inaugural social bond.
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Agence Française de Développement hit the market twice this week, taking advantage of the absence of competing supply to pick up cash in euros and dollars. Thibaut Makarovsky, head of funding and market operations at the agency, discussed the deals with GlobalCapital.
