EFSF restores reputation with 5yr dazzler

The EFSF exploited investors’ hunger for new issuance on Wednesday to lop a €5.9bn slice off its remaining funding task for the year. Bankers away from the trade pointed to a seemingly gratuitous order book and a hefty new issue premium to suggest the borrower had overpaid for the size. But the issuer was universally acknowledged to have redeemed itself after a difficult 10 year trade in August.