Imminent arrival of ESM sparks fears of divided SSA markets
A conference call this week to clarify the European Stability Mechanism’s role has so far failed to quell fears that the arrival of a new big buyer in European SSA secondary markets could widen an already-yawning gulf between the top tier triple-As and the cheaper credits.
The SSA market is trying to understand the idea of the ESM becoming the new big buyer on the block of euro SSA assets after it receives 32bn of paid-in capital next month.
The call between investors and the European Financial Stability Facility (EFSF) and the ESM was
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