DBRS Morningstar – French bond issuance to ease in 2021, but private debt momentum and focus on ESG will support 2022 volumes
LONDON, October 18, 2021– (COMMERCIAL THREAD) – DBRS Morningstar posted a comment titled “French bond issuance to be eased in 2021, but private debt momentum and focus on ESG will support 2022 volumes.” The volumes of public bond issues in France in 2021 are unlikely to reach the record levels of 2020; however, private debt issuance and environmental, social and governance (ESG) bonds will continue to grow and become a more important part of the French debt capital market landscape.
Highlights of the summary include:
2021 bond issuance will slow, but 2022 volumes should benefit from favorable economic winds.
Private placements and Schuldschein loans offer alternatives to public procurement and help to diversify access to capital.
ESG bonds will gain traction, but remain confined to government and public sector issuers, while ESG disclosure facilitates market access.
“While volumes of French government bond issuance in 2021 are expected to moderate from 2020 as companies rushed to secure liquidity last year at the height of the pandemic, the economic recovery will support volumes. emissions next year, “said Amaury Baudouin, vice-president of European companies. . “At the same time, issuers and lenders are increasingly seeing private debt as a way to diversify as ESG considerations play an increasing role in investment decisions.”
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