French Sovereign
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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. -
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.
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Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social debt, plans to raise almost twice as much as it did this year and more than 10 times what it had initially expected to raise in 2020 before the onset of the coronavirus pandemic.
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France and Belgium announced borrowing programmes for 2021 this week. France is aiming for the same amount as this year, while Belgium is paring back its needs.
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France has lined up its 2021 funding programme, looking to sell some long end syndications and to return to the green bond market for its sophomore outing in the format.
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Italy returned to the private placement market to print one of the year’s largest MTNs on Thursday. The deal stood out this week, since issuance in the market has started to wind down ahead of Christmas.
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Two public sector borrowers hit the euro bond market on Wednesday, raising what might well be the final benchmark funding of 2020.
