One day in SSA

Natixis SSA teams pulled off a juggling act this week in executing 4 successful transactions on behalf of the 3 issuers AFD, Région Wallonne and CADES.

AFD came in the markets for his first euro benchmark in 2021 1.25bn 15-year at OAT+22 bps.

  • The issuer began the year in its strategic home currency with overwhelming demand that allowed for 3 bps of tightening.
  • Final orderbooks finished in excess of €5.1bn which was not only one of the largest ever for the issuer but was also significant in terms of overall quality.

Région Wallonne returned to markets for 2021 with a dual tranche €700mn 16-year at OLO+31 bps and a €500mn 50-year at OLO+35 bps.

  • Continuing to build their curve the issuer offered two new liquid benchmarks that were able to exceed expectations pricing 6 bps and 2 bps inside of IPT levels.
  • There was notable demand on the 16-year that allowed the issuer to upsize from original expectation of € 500mn, with final orderbooks were in excess of €2.7bn for the 16-year and €890mn for the 50-year.
  • Since the inaugural transaction in 2019, Natixis has acted as a privileged partner to the Wallonne participating in what is now 9 syndicated transactions.

CADES returned for a new € social benchmark with a € 5bn 8-year at OAT+15 bps.

  • Taking advantage of the move in rates CADES decided to diversify amongst recent offer with the choice in tenor, while still offering attractive metrics to investors.
  • The demand for this trade accumulated well before books even opened and the momentum allowed the issuer to tighten by 2 bps while also printing the maximum size possible.
  • ESG investors also took significant note of this trade and accounted for 68% of final allocations.

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