ESM-EFSF
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◆ Limited sized deal attracts ‘very good book’ ◆ ESM curve tight, E-supra bonds referenced ◆ €2bn left to do this year -
◆ Deal follows last week’s $5bn five year ◆ Issuer pays its usual 2bp NIP ◆ Large SSAs race to get funding done
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◆ Usual intraday strategy serves issuer well ◆ ‘Very limited’ new issue premium ◆ Sister institution ESM still has €4bn to raise
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Supra only needs to raise €6bn in 2024 and offered 'a unique buying opportunity' this week
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First deal of the year from the €6bn funder
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Positive rates lures SSAs to short-term funding
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Herbert Barth, former EU head of funding, becomes senior adviser
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Pre-funding unlikely as issuers look to complete year's borrowing in fraught markets
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Issuer was reasonable about pricing but did not stop bankers from worrying about backdrop for future supply
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Supra to price two tranches as IDA mandates for sterling and Scandi issuer returns to dollars
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Neither issuer has left much on the table for investors
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Reluctance to show hands has led to smaller books and higher concessions
