EFSF ventures out as intervention hopes rise

19 Jun 2012

The European Financial Stability Facility took advantage of a slight pick-up in sentiment on Wednesday to venture out with the only benchmark sized deal from a sovereign, supranational or agency so far this week. Elevated sovereign yields in Europe’s periphery have dogged the markets since the beginning of the week.

Sentiment has improved, however, following an overnight announcement from the G20 that it would act to support the eurozone (though it stopped short of detailing what action would be taken) and rumours of plans for EFSF/ESM intervention in the secondary government bond market.

There is an increasing expectation that ...

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