ESM-EFSF
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A pair of euro borrowers braved a tricky market on Tuesday, raising a combined €4bn despite heavy weather in government spreads. One opted for a defensive pricing strategy, while the other attempted to squeeze investors. -
While the fast pace of issuance that characterised the SSA market in January has abated, the euro sector provided some rarer names with funding across the curve this week, in spite of a general widening of spreads.
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While European Central Bank president Mario Draghi kept firmly to his course of accommodative monetary policy at Thursday’s press conference, the euro strengthened further against the dollar, dragging Bund yields up with it. Lewis McLellan reports.
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The European Financial Stability Facility has raised €4.5bn with a dual tranche transaction, likely rounding off the week’s euro issuance ahead of the European Central Bank governing council’s press conference on Thursday.
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The European Financial Stability Facility (EFSF) has announced a dual tranche for its second trip to market for the year. The trade will come on the heels of a €1.4bn Agence Française de Développement (AFD) 10 year, which managed to cut 4bp from its spread between guidance and launch.
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The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.
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The euro market is providing SSA borrowers with ever more impressive execution — the European Financial Stability Facility (EFSF) pulled off the largest supranational or agency deal of the year on Wednesday — but it faces a fresh challenge on Thursday: ultra long debt.
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The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit.
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Ireland opened 2018 with a €4bn print deemed “spectacular” by a banker away from the deal, who said that it was priced flat to the sovereign’s curve.
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The European Financial Stability Facility will raise €6bn more in 2018 than it had previously estimated, but its combined issuance with sister borrower the European Stability Mechanism will still be lower than this year.
