“Weird” EFSF gets 25 year away as Spanish yields edge past 6.5%

The European Financial Stability Facility (EFSF) finally showed its hand with a 25 year mandate on Tuesday, putting an end to speculation as to what form the long-anticipated trade would take. The issuer has plumped for an issue at the very long end of tenor expectations on a day when Spanish government bond yields plugged steadily higher, following a brief bounce on Monday.