French Sovereign
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Ile-de-France Mobilités is coming to market for a 15 year euro benchmark, set to become one of several French borrowers expected before the end of the year. -
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Two public sector borrowers will follow the EU’s record breaking success in the euro market on Wednesday, with Agence Française de Développement looking to sell its debut bond under its new framework tied to the UN's Sustainable Development Goals (SDGs) and Greece tapping its 2035s.
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It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.
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The Council of Europe Development Bank (CEB) took advantage of a strong market on Wednesday to issue its first ever benchmark transaction for pre-funding purposes.
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Caisse d’Amortissement de la Dette Sociale (Cades) will add a new point on its dollar social bond curve with a 10 year trade on Wednesday, where it will be joined by two other public sector issuers in the currency.
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KfW and Ville de Paris grabbed the attention of investors at the opposite ends of the euro curve on Tuesday in what has been a thin week for issuance in the currency by public sector borrowers ahead of the expected arrival of the EU’s first syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme next week.
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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, October 12. The source for secondary trading levels is ICE Data Services
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Agence Française de Développement has unveiled a new broader thematic bond framework tied to the UN's Sustainable Development Goals (SDGs) which will allow it to issue social and sustainable bonds alongside its existing green bonds.
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Unédic will follow up this week’s eight year social bond with another two social bonds to wrap up its 2020 state guaranteed funding programme.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes in early October.
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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. This week proved another extremely strong one for the asset class.
