ESM-EFSF
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Issuer adjusts pricing strategy after market volatility spikes following collapse of US-Iran ceasefire -
◆ Issuer has only €2bn left to fund this year ◆ US-Iran war and French election news weigh on sentiment ◆ Curve widens, NIP hard to pin down
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◆ Issuer pre-empts busy pipeline ◆ NIP estimated ◆ 'Very large' bank treasury among new buyers
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Jun Dumolard, head of funding and investor relations at EFSF, discusses the institution's recent euro seven year trade
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◆ New issue premium estimated ◆ One investor type dominates ◆ Performance expected
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EFSF and Land NRW are expected to price new trades on Tuesday
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Total €11bn already raised so far as issuer enjoys greater execution flexibility
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◆ 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
