ESM-EFSF
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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. -
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.
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The European Stability Mechanism (ESM) raised its last funding of 2017 on Tuesday, forgoing the syndicated market in favour of tapping an old line via an auction.
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The public sector market for euro paper is providing superb execution for those borrowers that still have needs in the currency — but those are few and far between.
