Redemptions bolster FMS and EFSF
SSA euro transactions are getting strong support from the €50bn of redemptions from European government bonds due this week and next, transcending any fall-out from the euro area finance ministers’ meeting and the continuing volatility in Spanish and Italian yields.
Despite Spanish yields flirting with 7% again on Tuesday, the European Financial Stability Facility printed its largest syndication to date a 6bn five year and FMS Wertmanagements minimum 2bn five year trade on Wednesday was oversubscribed within an hour of opening books.
Five years remains the sweet
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