French Sovereign
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The European Union made a quick trip to the bond market on Tuesday morning to collect €13bn — €8bn at five years and €5bn at 25. It found itself selling into stronger market conditions than have prevailed for the past few weeks, thanks to the European Central Bank’s beefed up intervention. But despite the strong backdrop, the market is still quieter than expected. -
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Inflated order books are only becoming more prevalent thanks to the European Central Bank’s increased firepower. The way to properly deal with this issue is through a collective effort from every corner of the capital markets.
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France became the latest European sovereign bond issuer to confront the problem of inflated orders with the sale of its second green OAT via syndication on Tuesday. But instead of bringing the spread in to price extremely tight like Italy and Spain did earlier in the year, France instead attempted to control the sale process by engaging with investors to persuade them not to put in excessive tickets in the first place. Burhan Khadbai reports.
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Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.
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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, March 15. The source for secondary trading levels is ICE Data Services.
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Agence France Trésor (AFT), the French sovereign debt office, mandated banks on Monday to lead the sale of the sovereign’s second green OAT, returning to the market for the first time since its debut in 2017.
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A pair of French agencies hit the market on Wednesday, pulling off impressive deals ahead of the European Central Bank meeting on Thursday, where investors hope to hear promises of increased support.
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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 February.
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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.
