ESM-EFSF

The European Central Bank launched a six week market consultation on Tuesday concerning the European Distribution of Debt Instruments (EDDI) project — an initiative that aims to change how bonds are issued within the eurozone.

Rating: Aa1/AAA

The European Stability Mechanism offered very little new issue premium on a pair of taps to wipe out its €2.5bn funding needs for the second quarter in one go.

Greece and the European Stability Mechanism will reinvigorate the euro public sector market next week with benchmark bonds in the short to mid part of the curve, according to bankers.

The European Stability Mechanism (ESM) is likely aim for the short to middle part of the euro curve for its first benchmark bond of the second quarter, according to SSA bankers.

This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the end of April.

In the wake of changing trading patterns, the European Stability Mechanism and the European Financial Stability Facility have developed methods to keep their bond issues liquid. In this way, the issuers hope they will be more attractive to traditional government bond investors.

Public sector borrowers are taking advantage of the European Central Bank’s accommodative stance on rates by issuing bonds at the long end of the euro curve.

Rating: Aa1/AA/AA

The European Stability Mechanism is spearheading a plan to create a new digital platform for launching public sector bonds in euros. The system, which ESM wants to launch in 2020, is named the European Distribution of Debt Instruments (EDDI). It could end up replacing some of the functions of investment banks and clearing houses.

Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.

The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.