FRANCE: Lecornu Tax Proposal Insufficient: Socialist Leader
Oct-03 11:13
- "FRENCH SOCIALIST LEADER FAURE: LECORNU'S PROPOSAL ON TAXES IS VERY FAR FROM WHAT WE HAD SUGGESTED" - Reuters
- "FAURE: LECORNU'S PROPOSAL IS INSUFFICIENT" - Reuters
10-year OAT/Bund spread widens 1bp in quick succession on those headlines, now at 82bps.
Our political risk team has noted: If the pledge on a financial asset tax is not enough for the PS or other opposition parties, and Lecornu sticks to his commitment not to use Art. 49.3, it will leave the gov't with limited options.
- It could give in to the left's demands on repealing the pensions reform and protecting gov't spending, but this would risk a major blowback from markets.
- It could call the opposition's bluff and continue with its austerity budget plan. Either the opposition abstains and allows a budget through (unlikely) or the budget is defeated, bringing down Lecornu and raising the prospect again of an early legislative (and potentially even presidential) election.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
PIPELINE: Corporate Bond Update: $2B AIIB Launched
Sep-03 11:05
- Date $MM Issuer (Priced *, Launch #)
- 09/03 $2B #AIIB 3Y SOFR+31
- 09/03 $Benchmark OKB 5Y SOFR+43
- 09/03 $Benchmark Nordea Bank Perp Nov'33 7.25%a
- 09/03 $Benchmark The Commercial Bank (PSQC) 5Y +125a
- 09/03 $Benchmark Turkie Wealth Fund +5Y 7.625%a, 10Y 8.735%a
PIPELINE: Corporate Bond Roundup: September Kicked of With Record 28 Issuers
Sep-03 11:04
A record 28 companies issued $50.95B in debt Tuesday. The record for largest single day issuance, however, is $59.55B on Monday, January 6 of this year from 25 companies & supra sovereigns.
- 09/02 $6B Merck $750M 2Y +25, $500M 2Y SOFR+46, $750M 5Y +45, $1B 7Y +58, $1.75B 10Y +68, $1.25B 30Y +75
- 09/02 $5.5B *Kingdom of Saudi Arabia Sukuk $2.25B 5Y +65, $3.25B 10Y +75
- 09/02 $4.5B *Cigna $1B 5Y +80, $1.25B 7Y +90, $1.5B 10Y +100, $750M 30Y +110
- 09/02 $4B *MUFG $1B 6NC5 +80, $1B 6NC5 SOFR+113, $1B 11NC10 +93, $1B PerpNC10 6.35%
- 09/02 $2.5B *CIBC $850M 3NC2 +60, $650M 3NC2 SOFR+80, $1B 6NC5 +85
- 09/02 $2B *Royalty Pharma $600M +5Y +93, $900M 10Y +118, $500M 30Y +128
- 09/02 $2B *Volkswagen Grp $700M 2Y +82, $700M 3Y +95, $600M 5Y +112
- 09/02 $2B *Toyota Cr $800M 3Y +47, $500M 3Y SOFR+72, $700M 7Y +68
- 09/02 $1.75B *Brazil $750M 11/30 tap 5.2%, $1B 30Y +7.5%
- 09/02 $1.75B *Sumitomo Mitsui $750M 3Y SOFR+75, $500M 5Y +65, $500M 11NC10 +115
- 09/02 $1.65B *Mitsubishi $300M 3Y +45, $400M 3Y SOFR+70, $500M 5Y +50, $400M 10Y +65
- 09/02 $1.65B *American Honda $700M 3Y +65, $300M 3Y SOFR+90, $650M 5Y +80
- 09/02 $1.5B *BHP Billiton $500M +10Y +77, $1B 30Y +83
- 09/02 $1.5B *HSBC 11NC10 +147
- 09/02 $1.5B *ING PerpNC7 7.0%
- 09/02 $1.35B *Jersey Central Power $350M +3Y +55, $500M +5Y +70, $500M +10Y +90
- 09/02 $1.25B *Ford Motor Cr 5Y +198
- 09/02 $1.25B *Credit Agricole PerpNC10 7.125%
- 09/02 $1.2B *Kodiak Gas $600M 8NC3 6.5%, $600M 10NC5 6.75%
- 09/02 $1B *Norinchukin $500M 5Y +93, $500M 10Y +108
- 09/02 $1B *Guardian Life $550M 3Y +45, $450M 7Y +70
- 09/02 $750M *Nomura 10.75NC5.75 +130
- 09/02 $650M *Ares Capital +5Y +160
- 09/02 $600M *Antofagasta 10Y +140
- 09/02 $600M *First Citizens 10NC5 +185
- 09/02 $500M *Jackson National Life 5Y +85
- 09/02 $500M *Alabama Power +5Y +60
- 09/02 $500M *Orix Corp 5Y +75
EGB SYNDICATION: Lithuania Long 10 / 20-year LITHUN: Update
Sep-03 11:02
Long 10-year:
- Guidance revised to MS + 95-100bp (WPIR). (Initial guidance was MS+105bp area)
- Size: EUR benchmark (MNI pencils in E1bln)
- Maturity: 10 March 2036
- Coupon: Short first
- ISIN: XS3175946071
20-year:
- Spread set at MS +140bp (guidance was MS+145bp area)
- Size: EUR benchmark (MNI pencils in E1bln)
- Maturity: 10 September 2045
- ISIN: XS3175947046
For both:
- Combined books in excess of E2.7bln, with skew to the L10Y (excl. JLM interest)
- Bookrunners: Erste Group, HSBC and Societe Generale
- Settlement Date: 10 September 2025 (T+5)
- Timing: Books to close at 13:00BST / 14:00CET
From market source / MNI colour
