The Mumble: ESM did the right thing in playing it safe
The European Stability Mechanism practised its usual policy this week of offering a decent premium to attract a bumper order book. While some bankers felt that it was being too cautious — after all it was only looking for €3bn, a paltry amount by ESM’s standards — the strategy the supranational is playing is a canny one. Other issuers should take note.
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