Has EFSF tapped out 2037s for the last time?
The European Financial Stability Facility (EFSF) may have tapped one of its outstanding issues for the last time when it issued a further €1bn of its 3.375% 2037s on Wednesday. The bail-out borrower is looking to issue one more benchmark as soon as next week (see separate story) but Cyprus’s request for a bail-out could hamper the potential liquidity of the borrower’s outstanding deals.
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