ESM-EFSF
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Rating changes to EFSF, French agencies yet to come, impact expected to be minimal -
ESM's head of funding Jun Dumolard said market's approach to deals had changed
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◆ Supra raises €2bn instead of €3.5bn ◆ Impact on other SSA deals considered ◆ Deal seen as 'quite tight'
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Primary market unruffled, but EFSF and EU to test sentiment next week
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◆ Issuer ends dollar absence ◆ Market expected euro deal but decision was strategic ◆ Record book reveals 'pent-up demand' in dollars
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Issuer aims to stay active in core maturities and has now done three and 10 years in 2025
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◆ Second phase could be novation of ESM's €74bn existing portfolio ◆ Dealers eye Eurex-LCH CCP basis ◆ Eurex reports 'significant onboarding' from investors ahead of Emir deadline
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◆ Third benchmark trade from Luxembourg-based supra this year ◆ Govvie yields higher after US downgrade but issuer undeterred ◆ Execution was quick and typical
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◆ Deal went ahead despite tariffs-related volatility ◆ Assessing fair value was key ◆ Supra now nearly 56%-funded
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Deal announcements fall below expectations but SSA investors remain ‘cool-headed’
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Issuer sees 'extremely strong outcome' for new bond as weakness lingers in European rates market
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◆ Supra manages 3bp of spread tightening ◆ EGBs sold off across the board ◆ Concerns grow on Europe’s defence spending headache
