Dexia and EFSF clean up in euros
Both the European Financial Stability Facility (EFSF) and Dexia Crédit Local were able to take advantage of a strong market and cut 3bp from the spreads paid on their euro benchmarks on Tuesday.
“The market is in great shape, and it’s likely to remain that way until at least the ECB meeting in a couple of weeks,” said a head of SSA DCM.
EFSF announced its trade as a €3bn no-grow, opening books with price guidance of 22bp area through mid-swaps.
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