ESM-EFSF
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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.
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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.
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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.
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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.
