ESM-EFSF
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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
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Issuers tasked with resuming public sector's autumn supply in the past will do the same this year
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‘Quality’ investors flock to new paper as market braces for more supra supply this week
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Programmable smart contracts set to bring transparency to the market as banks and issuers continue trials
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Luxembourg-based supranational completed over a third of its annual funding in a single deal
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Short dated SSA deals offer 'tempting' spread to Bunds
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Strong demand for euros in primary SSA market extends
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The issuer paid 2bp of premium on an ‘impressive’ trade
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Deal gives hope to other SSAs eyeing the market this week as jitters return
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Issuers put weight on secondary performance as a marker of what makes a good deal as volatility rips through markets
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Issuer draws smallest demand in years despite Moody’s upgrade this week
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BTP-Bund spread soars, leading some to wonder when ECB will step in
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Issuer draws demand of more than six times deal size for its June 2027s
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Investors becoming pickier in the final days of pandemic era quantitative easing
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Bankers expect sovereigns to take advantage of run of good news
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Issuer sees little negative impact after ending tradition of publishing issuance windows