EFSF prices flat to ESM as Cyprus seizes demand for taps

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By Burhan Khadbai
07 Jul 2020

The European Financial Stability Facility kicked off its third quarter funding in style as it raised 80% of its borrowing needs for the quarter flat to its sister issuer’s curve. Elsewhere in the euro market on Tuesday, Cyprus saw decent demand as it tapped its 2024s and 2040s.

EFSF raised €4bn at a spread of mid-swaps minus 10bp for an October 2025 benchmark with a book of over €11bn. The deal was led by Barclays, Deutsche Bank and Morgan Stanley.

 “It started with a relatively attractive new issue concession, which was required to ...

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