SSAs pile into euros as US debt deadline ticks closer
A near €21bn order book for the European Stability Mechanism’s (ESM) debut benchmark convinced a bevy of issuers that investor demand in euros was deep enough to swallow more supply. Three borrowers, including two peripheral sovereigns, announced mandates in the wake of a hasty book build for the ESM and more could follow as issuers look to enjoy strong market conditions in euros, while keeping an eye on the countdown to the US debt ceiling deadline on October 17.
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