ESM-EFSF
-
The International Finance Corp drew one of the highest BondMarker scores of the year so far with its return to five year dollars after two years away. The trade came in a week of few, but very well received, deals, with the European Stability Mechanism scoring its highest average score of 2018 so far. -
-
Investor appetite is returning to the short end of the euro SSA curve, with yields rising as the European Central Bank weans issuers off its asset purchase programme.
-
The European Stability Mechanism on Tuesday won huge demand for its first five year euro benchmark since October 2015, showcasing returning investor appetite in the short end of the curve.
-
The European Stability Mechanism has appointed leads for its first five year euro benchmark in nearly three years.
-
-
Investor appetite remains strong for longer dated euro SSA bonds, encouraging the likes of EFSF and KfW to tap the long-end of the curve this week. But the question is: will the demand last, and for how long?
-
The European Financial Stability Facility (EFSF) on Tuesday priced a €4bn dual-tranche transaction, tapping into a fairly unusual tenor of 35 years.
-
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
-
-
SSA borrowers are streaming into the euro market, flooding the early part of the week with deals in an effort to secure funding before a slew of central bank meetings towards the end of the week.
-
Quantitative easing, perhaps the single most important factor affecting bond prices over the past three years, could be coming to a long awaited end this year. Members of the European Central Bank governing council seemed to hint as much this week, causing govvie spreads to gap wider, writes Lewis McLellan.
