Trailblazing EFSF debut sets hot euro tone
The EFSF broke records for interest in its Eu5bn five year debut on Tuesday. With over Eu30bn of orders received before books officially opened the deal was never going to be anything other than a blowout success. The EIB followed with a three year EARN that attracted Eu8bn of orders before books opened on Wednesday morning. With initial whispers around mid-swaps minus 5bp, this deal will now price 3bp tighter. There was also positive economic and auction news from Spain.
Are these the first definitive signs of the end of the European sovereign crisis or should peripheral credits like Spain’s Frob, which mandated banks for a transaction this week, be beating a path to investors’ doors to take the cash while the going is good? Read EuroWeek to find out and for full analysis of the EFSF’s landmark deal.
Jo Richards +44 20 7779 7315
Ralph Sinclair +44 20 7779 7317
Stefania Palma +44 20 7779 7318
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