ESM-EFSF
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The European Stability Mechanism priced its second ever dollar benchmark at a “fair” level of around 5bp over European Investment Bank’s September 2020, according to onlooking SSA bankers. Elsewhere in the dollar SSA market, Inter-American Development and NRW.Bank mandated banks for floating rate notes. -
The European Stability Mechanism mandated banks on Monday for its second ever dollar benchmark, following the launch of its dollar programme last year. The supranational will likely issue a size of $3bn to complete its funding needs for the year, according to SSA bankers.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of the fourth quarter.
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Public sector borrowers looking to issue at the long end of the euro curve will have to pay a sizeable new issue premium amid market volatility and the impending closure of the European Central Bank’s quantitative easing programme, SSA bankers have warned.
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The European Stability Mechanism completed over 50% of its funding target for the fourth quarter on Tuesday with its first three year euro benchmark since 2015.
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The European Stability Mechanism is likely to aim for the six to eight year part of the euro curve when it brings its first deal of the fourth quarter next week, said SSA bankers. The trade will likely face a more cautious investor base than the borrower enjoyed earlier in the year, they added.
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The European Stability Mechanism sent out a request for proposals on Wednesday for its first trade of the fourth quarter, which SSA bankers said will likely be a large deal in the euro market.
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The European Investment Bank mandated banks on Tuesday for a new short six year Earn, while the European Stability Facility completed its funding for the third quarter with a tap of a five year issue.
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The first busy week for benchmarks after the summer break returned a slew of solid scores for borrowers, with Finland’s 10 year euro deal the pick of the bunch.
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