ESM-EFSF
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The euro public sector bond market bounced back in fine fashion this week after a shock result in the German federal election, leading to some well oversubscribed trades. A potential Catalonian independence referendum is also not affecting demand, said bankers. -
Germany’s federal election on Sunday caused ripples in government bond spreads throughout the eurozone on Monday, but concerns are subsiding already, allowing one agency to announce its first euro green bond.
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Austria has become the first eurozone sovereign to syndicate a 100 year bond, selling €3.5bn to investors desperate to pile cash into ultra-long paper.
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This week's funding scorecard looks at the funding progress various European supranationals and agencies have made in their funding programmes as we head into the September rush.
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Austria has picked banks for a five year bond to be launched on Tuesday, but may also extend its curve to 100 years.
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The votes are in and three high quality issuers from last week's slew of public sector benchmarks are featured in this week's breakdown of the BondMarker results.
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The European Financial Stability Facility (EFSF) picked up €2bn with a 23 year bond on Tuesday, paving the way for other top-flight borrowers to bring their own euro deals.
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The European Financial Stability Facility on Wednesday sent a request for proposals for its deal window next week, with bankers saying that the supranational has a wide variety of options. The trade is likely to receive a big welcome in a hot euro market, as evidenced by an impressive Unédic trade on Wednesday — dubbed a “cracker” by bankers away from the deal — and equally strong euro deals a day earlier.
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Nederlandse Waterschapsbank brought some supply to the sparse long end of the SRI market on Tuesday, printing a trade that alongside Rentenbank was part of a strong re-emergence of euro supply after the summer.
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The GC BondMarker voters have delivered their verdict on last week's benchmarks. Voters evaluated a dual tranche from the European Financial Stability Facility (EFSF) and dollar trades from the Province of Alberta, Sweden and Land NRW.
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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.
