ESM-EFSF
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Emmanuel Macron’s topping of the first round of the French presidential election last weekend drove the best euro funding conditions for months. Public sector borrowers duly piled into the primary market. With more political risk ahead, many are racing to be 75% done for the year by summer, writes Craig McGlashan. -
The European Financial Stability Facility on Tuesday priced a dual tranche deal that bankers are describing as possibly its greatest ever, laying to rest some of its other long dated trades this year that drew criticism. A pair of other issuers have also hit screens in a euro market enjoying what one syndicate head called “probably the best conditions we’ve seen in months”.
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The result of the first round of the French election has imbued the markets with a fresh confidence, prompting the European Financial Stability Facility (EFSF) to mandate banks for its third dual tranche trade in a row.
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A strong showing from Emmanuel Macron in the first round of the French election has been greeted as an “overwhelmingly positive development” by those in capital markets, according to a head of SSA DCM, and provides an exceptional backdrop for the European Financial Stability Facility’s expected benchmark.
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The stakes have rarely been higher for a French election. When French voters head to the polls on Sunday, it may be to determine the fate of the eurozone.
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The European Financial Stability Facility (EFSF) has sent out a request for proposals for a deal next week but Sunday’s French election will have a large bearing on the exact timing and maturity choice, said bankers.
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The euro market will be tested quickly following the first round of the French presidential election on Sunday as the European Financial Stability Facility has sent out a request for proposals.
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This week's funding scorecard looks at the progress European supranationals and agencies have made at the start of the second quarter.
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The GC BondMarker scores for last week's benchmarks have been counted and market participants have deemed the European Financial Stability Facility's return to the long end a success.
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The dollar market is enjoying its widest swap spreads of the year, prompting three borrowers to launch bonds in the currency on Wednesday.
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The European Financial Stability Facility has launched a dual tranche, picking up a combined €5bn and putting to rest any concerns over its ability to pick up long dated funding.
