ESM-EFSF
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Total €11bn already raised so far as issuer enjoys greater execution flexibility -
◆ Issuer already raised €7bn in January ◆ More advanced funding progress than last year ◆ Textbook approach to pricing
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ESM priced new €2.5bn 10 year at flat to EIB
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◆ 'Impressive' and 'blockbuster' gush rival bankers ◆ Consensus on new issue premium ◆ Final deal size was amended
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◆ ESM set for first syndication of 2026 ◆ EIB drawn to popular 10 year dollar demand ◆ KfW taps sterling market
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‘Long-term investors have proven their appetite for EFSF bonds,’ says issuer
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◆ Strong 10 year demand proven again ◆ Nearly 40% of €18.5bn annual funding already done ◆ EU waiting in the wings, 'first proper test' for duration
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Caution pays off as issuer completes funding for 2025 and prepares for next year
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◆ New five year a 'very clear' choice ◆ 'Cautious' start to bookbuilding was 'good and balanced' ◆ Funding completed for the year
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Issuer navigates US-China trade spat, and bond tightens to 1bp inside fair value the morning after pricing of tap
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◆ €18.5bn demand for €1bn tap ◆ ‘Really fantastic’ deal completes 2025 funding ◆ 'Very tight' Bavaria struggles to attract
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Rating changes to EFSF, French agencies yet to come, impact expected to be minimal
