ESM’s second syndication puts peer pressure on EIB with tight €3bn 10 year
The European Stability Mechanism made a big leap in establishing itself as a top European supranational name in the capital markets this week, when it brought its second ever benchmark at a level that the European Investment Bank wouldn’t have sniffed at.
Goldman Sachs, Natixis and Nomura pulled in over €9.5bn of orders from 160 investors for a €3bn no grow 10 year on Tuesday during a book build that lasted around 50 minutes.
The leads skipped the initial price thoughts phase in an effort to limit the size
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