ESM-EFSF
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‘Long-term investors have proven their appetite for EFSF bonds,’ says issuer -
◆ 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
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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
