ESM-EFSF
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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. -
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.
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The European Financial Stability Facility rounded off its funding programme for the year with a pair of taps on Tuesday with a deal praised as “an impressive result”.
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The European Financial Stability Facility (EFSF) announced on Monday that it would complete its 2017 funding programme with a pair of taps on Tuesday. Conditions in euros looked strong on Monday, as they allowed the Council of Auckland to pull its spread in by 7bp for its second ever euro deal.
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Last week was a momentous one for dollar borrowing in the SSA market. The European Stability Mechanism made its long awaited debut in dollars, swiftly followed by a pair of rare 10 year transactions. Read on to see how the BondMarker voters rated the deals.
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The European Financial Stability Facility should aim for a bond in the 10 to 12 year part of the curve if it wants to complete its funding for the year next week, according to an SSA syndicate official.
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After several months without any long end dollar benchmark bonds from public sector issuers, two came along at once this week — bolstering confidence that conditions are right for a borrower to print in jumbo size in the tenor for the first time in more than two years.
