ESM-EFSF
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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. -
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.
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The European Stability Mechanism (ESM) brought its long awaited inaugural dollar transaction to market on Tuesday during a period of feverish activity in a dollar market that is “going from strength to strength”, according to one SSA banker.
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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.
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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.
