ESM-EFSF
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The European Stability Mechanism is finally set to come to market to sell its first ever dollar bond, lining up for a transaction on Tuesday alongside two SSAs looking to access the rare 10 year dollar tenor. -
The scores have been counted and the results are in. The BondMarker voters have delivered their verdict on last week's crop of benchmarks, including a scintillating pair of deals from supranationals. Two deals from French agencies met with drastically different levels of approval from the BondMarker voters, but both fared better than Land NRW.
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The European Financial Stability Facility (EFSF) will launch its fourth quarter issuance programme with a new six year benchmark, sharing investors’ screens with a 10 year deal from Dexia.
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Ireland provided the lone benchmark of the week, returning to the syndicated market for the second time this year and printing €4bn of five year paper.
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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.
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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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