ESM-EFSF
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Supra only needs to raise €6bn in 2024 and offered 'a unique buying opportunity' this week
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First deal of the year from the €6bn funder
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Positive rates lures SSAs to short-term funding
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Herbert Barth, former EU head of funding, becomes senior adviser
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Pre-funding unlikely as issuers look to complete year's borrowing in fraught markets
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Issuer was reasonable about pricing but did not stop bankers from worrying about backdrop for future supply
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Supra to price two tranches as IDA mandates for sterling and Scandi issuer returns to dollars
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Neither issuer has left much on the table for investors
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Reluctance to show hands has led to smaller books and higher concessions
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Issuers tasked with resuming public sector's autumn supply in the past will do the same this year
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‘Quality’ investors flock to new paper as market braces for more supra supply this week
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Programmable smart contracts set to bring transparency to the market as banks and issuers continue trials