EFSF canters to 2018 finish as euro market ‘tires’

By Craig McGlashan
06 Nov 2018

The European Financial Stability Facility wrapped up its funding year by raising €4bn on Tuesday, tightening its pricing from guidance in the process. But despite the deal’s success, there are signs that the strength of the euro market is starting to wane into year-end.

Leads Deutsche Bank, Morgan Stanley and Société Générale priced the January 2024 at 13bp through mid-swaps. Tuesday morning’s guidance of minus 12bp area drew sufficient orders to cover the €4bn EFSF had left to fund this year, allowing the spread to be set a basis ...

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