ESM-EFSF
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Supra only needs to raise €6bn in 2024 and offered 'a unique buying opportunity' this week
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First deal of the year from the €6bn funder
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Positive rates lures SSAs to short-term funding
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Herbert Barth, former EU head of funding, becomes senior adviser
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Pre-funding unlikely as issuers look to complete year's borrowing in fraught markets
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Issuer was reasonable about pricing but did not stop bankers from worrying about backdrop for future supply
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Supra to price two tranches as IDA mandates for sterling and Scandi issuer returns to dollars
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Neither issuer has left much on the table for investors
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Reluctance to show hands has led to smaller books and higher concessions
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Issuers tasked with resuming public sector's autumn supply in the past will do the same this year
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‘Quality’ investors flock to new paper as market braces for more supra supply this week
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Programmable smart contracts set to bring transparency to the market as banks and issuers continue trials
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Luxembourg-based supranational completed over a third of its annual funding in a single deal
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Short dated SSA deals offer 'tempting' spread to Bunds
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Strong demand for euros in primary SSA market extends
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The issuer paid 2bp of premium on an ‘impressive’ trade
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Deal gives hope to other SSAs eyeing the market this week as jitters return
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Issuers put weight on secondary performance as a marker of what makes a good deal as volatility rips through markets
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Issuer draws smallest demand in years despite Moody’s upgrade this week
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BTP-Bund spread soars, leading some to wonder when ECB will step in
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Issuer draws demand of more than six times deal size for its June 2027s
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Investors becoming pickier in the final days of pandemic era quantitative easing
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Bankers expect sovereigns to take advantage of run of good news
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Issuer sees little negative impact after ending tradition of publishing issuance windows
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Emergency lender says it needs to be adaptable to market conditions
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The funding team of the European Stability Mechanism has launched its first physical roadshow to meet investors in person for 18 months, making the supranational agency one of the first, if not the first, to officially revive the concept since the Covid-19 crisis began.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of busiess on Monday, July 12. The source for secondary trading levels is ICE Data Services
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See the progress Europe's supranationals and agencies have made in their funding programmes as we start the third quarter.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, June 14. The source for secondary trading levels is ICE Data Services.
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Public sector borrowers have got off to a busy start to the week in euros, with two live deals on Monday set to be followed by at least three on Tuesday, including Italy, as issuers look to get in ahead of a hotly anticipated European Central governing council meeting on Thursday.
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The European Stability Mechanism raised €2bn on Monday to conclude its second quarter funding with the deal offering a very slight positive yield.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 19. The source for secondary trading levels is ICE Data Services.
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Four public sector borrowers sold intraday trades in the euro market on Monday with the European Financial Stability Facility making a dent in its second quarter funding and three other issuers receiving impressive demand for socially responsible deals under their updated frameworks.
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The European Union sent banks a request for proposals on Thursday to fund a maturity lengthening operation for Portugal and Ireland under its European Financial Stabilisation Mechanism (EFSM) programme. More sovereigns could also enter the market