EFSF resolves duration dilemma to take €4bn, leave 5yr clear for ESM

The European Financial Stability Facility (EFSF) priced a heavily oversubscribed five year on Wednesday to leave only €4bn left to raise this quarter and to leave the five year point clear for sister borrower, the European Stabilisation Mechanism’s (ESM), inaugural deal, which is expected to come this autumn.

  • By Ralph Sinclair
  • 25 Jul 2013

The EFSF hauled in well over €3bn of orders on its new five year benchmark in the first 30 minutes of bookbuilding. 

Barclays, Citi and Credit Suisse, which led the sale, announced the mandate on Tuesday with initial price thoughts of mid-swaps plus 15bp-16bp.

The leads opened order ...

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 13,577.78 16 10.48%
2 Citi 12,045.36 19 9.30%
3 JPMorgan 11,945.26 17 9.22%
4 HSBC 10,316.86 14 7.96%
5 NatWest Markets 8,487.83 7 6.55%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 31,408.33 81 12.25%
2 JPMorgan 23,640.34 56 9.22%
3 HSBC 23,014.61 52 8.98%
4 Bank of America Merrill Lynch 19,900.14 59 7.76%
5 Deutsche Bank 19,121.36 29 7.46%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 27,037.51 66 7.93%
2 Barclays 25,435.97 46 7.46%
3 UniCredit 25,297.29 63 7.42%
4 HSBC 23,482.89 81 6.89%
5 BNP Paribas 21,888.86 45 6.42%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 59,631.02 334 6.98%
2 Citi 59,108.26 216 6.91%
3 HSBC 56,064.57 206 6.56%
4 Barclays 47,783.66 175 5.59%
5 Deutsche Bank 43,453.85 129 5.08%