You can check out but you can never leave: EFSF €3bn a Hotel California deal

Although oversubscribed, the first €3bn syndication from a public sector borrower since the European Central Bank began buying in the sector — a 0.2% April 2025 issue for the European Financial Stability Facility — has left bankers fretting over crowded-out investors deserting SSA debt in the single currency, writes Tessa Wilkie.