ESM-EFSF
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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 -
◆ 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
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Book for its newest deal was second in size only to a QE-era transaction
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◆ Views on fair value differed ◆ France syndication ‘the next big test’ ◆ Supra attracts €60bn final book
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Supranational’s chief financial officer speaks to GlobalCapital about the plans ahead
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◆ ESM wraps up 2024 funding early ◆ EFSF already completed its annual programme ◆ Issuer seen taking careful approach to pricing
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New issue concessions creep up as smaller, less liquid issuers suffer
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◆ Limited sized deal attracts ‘very good book’ ◆ ESM curve tight, E-supra bonds referenced ◆ €2bn left to do this year
