French Sovereign
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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, January 25. The source for secondary trading levels is ICE Data Services. -
Dexia Crédit Local raised £750m with a December 2026 bond on Monday, gathering a generously oversubscribed order book and pulling in the spread during execution, promising a strong reception for Asian Development Bank on Tuesday. OeKB will come to market with a dollar five year.
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France stole the limelight in the euro public sector bond market this week as it set new records for 50 year benchmarks in terms of size, demand and yield. But next week all eyes will be firmly fixed on the EU, which is set to bring its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social security debt, printed a £1.5bn social bond on Wednesday — the first ever deal in that currency and format from a public sector borrower.
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France set a new order book record with its new 50 year syndicated bond on Tuesday. Two other public sector borrowers joined the sovereign at the long of the euro curve.
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Spreads have moved away from their tightest levels, but issuers do not seem put off. France will extend the flood of long end deals with its first 50 year OAT syndication in almost five years on Tuesday.
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After a near two year absence, Deutsche Bahn pulled into the Swiss franc market to issue 15 year debt with no new issue premium this week, landing inside its own euro curve.
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The dollar market is on an unbelievably hot streak, with deal after deal smashing records thanks to cash-rich investors and higher yields in the US Treasury market.
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Caisse d'Amortissement de la Dette Sociale hit screens on Monday morning to announce a 10 year dollar benchmark, following the example set by Inter-American Development Bank’s enormous success in the tenor last week.
