SSA SNAPSHOT: French trio active ahead of key inflation print

One of the least frequent French issuers in our coverage universe, Caisse Centrale Credit Immobilier France (CCCIF) is active alongside Societe des Grands Projets (SdGP and formerly Societe du Grand Paris) in the euro market on this US CPI release date. The former is looking to place a Jan 2028 maturity with a pre-determined size of EUR500m (in line with its last two euro-denominated transactions) whilst SdGP, in typical fashion, is looking at the longer end of the curve and to bring a deal with a green label. Completing a gallic trifecta is one of the more frequent French issuers, Bpifrance, which is attempting to launch a new 4yr conventional line in the sterling market coming on the back of a successful outing on 9th July when it launched a EUR1.25bn short 10yr into orders of EUR4.2bn. Such has been the fervour surrounding the name in recent times (both in conventional and green format) that the 3.36x cover ratio was its lowest (of three deals) so far this year and by a considerable margin it must be said.

Today's relatively light activity comes in stark contrast to the prior session. The action came thick and fast on Tuesday with the day summed up by one simple fact - the EU and Italy's combined order books totalled over EUR250bn (a quarter of a trillion!)

Indeed, the EU's dual tranche (EUR5bn 7yr and EUR5bn Feb 2050 green tap) was almost eclipsed by the Republic of Italy which brought a EUR8bn Oct 2054 maturity to become its new 30yr benchmark. Final orders on the single line topped out at EUR130bn and were therefore just EUR1bn shy of the combined EU book. Elsewhere, a EUR1bn 6yr from Spanish issuer ICO was more uneventful (relatively speaking) seeing a 1.9x cover ratio for a deal that priced with a 2bp NIC (and broadly in line with what was witnessed on the EU and Italy deals). With a CEE flavour the Polish State development bank BGK priced a EUR1.5bn 10yr / EUR750m 20yr dual tranche with 5bp NICs on each line. The shorter line may have prevailed with the largest order book in absolute terms, but the longer duration line was met with a higher cover ratio.

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