EFSF’s second coming is a ‘huge European party’
Demand and pricing for the latest deal from the European Financial Stability Facility (EFSF) has made a strong case that the region's SSA sector has put the sovereign crisis behind it — for now, at least. After a first quarter that has been characterised by robust demand and diminishing new issue premiums on bond issues across the SSA market, Europe's bail-out vehicle priced on Wednesday a €4bn five year trade that was more than three times subscribed with a miniscule new issue premium.
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