EFSF surprises with four year mandate

The European Financial Stability Facility plumped for an unusual four year maturity when it mandated for a benchmark on Tuesday afternoon, despite several SSA bankers predicting a longer-dated trade for this week. Investor demand for a 2017 maturity and the issuer’s desire to rebuild its curve of tappable issues after Cyprus’s bailout drove the decision to sell a four year, said bankers on the mandate.