ESM-EFSF
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Another barnstorming week for sovereign, supranational and agency bond issuance has got market participants wondering how long the lively activity can last.
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The European Stability Mechanism is interested in developing a primary bond issuance platform for the euro public sector market. It argues that such a platform would create a more liquid market and contribute to the advancement of the EU's Capital Markets Union. -
With yields compressed in the short end, bank treasuries are moving further along the SSA curve for bigger returns, creating a sweet spot in the 15-20 year segment.
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The European Financial Stability Facility will probably issue in the 10 to 20 year part of the curve for its first benchmark of the second quarter, according to SSA bankers.
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The European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) plan to print €6.5bn of syndicated bonds between them in the second quarter of this year, as the ESM works towards expanding its remit over eurozone bank failure.
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The SSA euro market’s record start to the year shows no signs of slowing down, with bankers confident that the conditions which have helped draw record book after record book are here to stay. That backdrop helped Export Development Canada (EDC) to an excellent debut in the currency, as well as a very strong trade from the veteran European Stability Mechanism (ESM).
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The common eurozone sovereign bond keeps rearing its head as a supposed solution to the monetary union’s problems.
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The European Stability Mechanism on Monday took care of all its first quarter funding needs in one fell swoop, drawing a heavily oversubscribed book with high Asian demand that allowed 2bp of price tightening. On-looking SSA bankers said the deal was a good sign for — and likely gave confidence to — Spain, which is bringing its second syndicated benchmark of the year on Tuesday.
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The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.
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The European Financial Stability Facility completed its funding for the first quarter with a dual tranche offering on Tuesday, which was priced with minimal concession, according to the leads.
