The European Financial Stability Facility (EFSF) and Municipality Finance drew plenty of interest in the short end of the euro curve on Thursday, with one of EFSF’s leads calling the three-year tenor the “perfect storm”.
Leads Bank of America
and NatWest Markets
ran a €3bn no-grow July 2023 bond for EFSF’s first outing of the fourth quarter. It was priced with a spread of mid-swaps minus 7bp, 1bp tighter than guidance, and a yield of minus 0.478%. The book