French Sovereign
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Unédic returned for another social benchmark on Thursday, adding to the slew of successful French agency SRI-themed paper.
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Another slew of socially responsible SSA deals hit screens on Wednesday, all achieving impressive size and healthy order books, showing the strength of the market in euros for the borrower class. -
Société du Grand Paris plans to steam ahead with funding as it announced a doubling of its green EMTN programme and a substantial increase to its 2020 funding programme to help prefund the financing for the next three years of the Grand Paris Express project.
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Green, social and sustainable issuance has dominated the supranational and agency bond market for a whole month, consistently outpacing conventional supply. That trend looks set to continue with three SRI deals already on screens.
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Now that SSAs are back to pricing at the spreads they offered before coronavirus hit, central bank investors are pushing back and reducing their orders.
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Public sector debt market participants are still on tenterhooks, awaiting the arrival of the EU’s now much delayed funding programme. Many of the sector’s top borrowers have all but cleared their decks in preparation, but some are still grappling with inflated borrowing requirements as a result of the coronavirus pandemic. Lewis McLellan reports.
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Bank Nederlandse Gementeen kicked off a busy week for socially responsible bond issuance by public sector borrowers with a well-received 12 year sustainable bond, its longest ever deal in that format.
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French agency Caisse d'Amortissement de la Dette Sociale returned to the euro social bond market on Tuesday, equalling its impressive achievement earlier this month to print another €5bn deal.
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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, September 28. The source for secondary trading levels is ICE Data Services
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Caisse d’Amortissement de la Dette Sociale is set to return to the social bond market in euros after setting the size record for the format in the currency earlier this month — a feat it also recently achieved in the dollar market.
