French Sovereign
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◆ Sovereign ‘clearly listened to investors’ ◆ 15-20 year linker tap slightly different from planned ◆ One long green tap left for 2025 -
Scope warns country is ‘heading towards difficult budgetary trade-offs’ with increased defence spending
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Sovereign expected to pass its first rating test in 2025 with four more to come before early April
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◆ France first out of the door with 30 year ◆ Large book of €115bn, over 450 investors ◆ 'Very compressed' premium like EU and Italy
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Agency prints tight in euros as French political trauma eases
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◆ Sovereign sells €10bn bond into record demand ◆ First syndication since last year’s political woes ◆ 'Strong demand for French bonds and trust from investors,' says issuer
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OAT yields and spreads calm, but next year’s supply is crucial
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As 'greeniums' on public sector bonds are now hard to define, issuers are focusing on other advantages
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French government bonds sell off across the board after negative news but European peers also suffered on weak morning
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Sovereigns snap up a combined €11bn despite volatile market
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Sovereign pair move ahead of ECB rates verdict and anticipated EU supply
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Investor focus elsewhere for now, but bankers warn that the medium term outlook is shaky after French election
