EFSF follows auction with surprise tap
The European Financial Stability Facility tapped 24 year debt, its longest dated bonds, on Thursday in a transaction driven by reverse enquiries. The deal followed an auction of 10 year debt earlier this week, and leaves the issuer more than three quarters of the way through its projected funding target for the quarter.
Commerzbank, Société Générale and UniCredit priced the €1bn tap of the EFSF’s 3.375% April 2037 notes at 45bp over mid-swaps, in line with guidance at 45bp area. The deal offers a 2bp-3bp new issue premium over the outstanding, according to the issuer, and brings the total size of
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