ESM-EFSF
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Market participants have declared a pair of supranational deals to be top banana in this week's GC BondMarker voting. -
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European Central Bank (ECB) president Mario Draghi struck an unusually cheerful note at Thursday’s press conference, leaving a relaxed market for SSA bond issuers.
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The European Stability Mechanism returned to stellar form this week, hitting the sweet spot for euro demand and exceeding its first quarter funding target. Bpifrance Financement will look to follow up the supranational’s success on Wednesday.
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The European Stability Mechanism has nipped in ahead of a European Central Bank Governing Council meeting later this week to mandate banks for a 10 year euro benchmark. Other euro supply this week could come from Région Île-de-France, which held a global investor call on Monday for a green and sustainability bond.
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This week's funding scorecard looks at the progress European supranationals and agencies have made during the first two months of the year.
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The scores are in. See how market participants rated EFSF's dual tranche, the UK's £2bn inflation linked note and Spain's €5bn 2033 transaction.
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After weeks wracked by political turbulence, the euro market has finally been able to enjoy a clean run with supportive conditions.
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Contagion from Greece’s never ending bailout saga was supposed to be a thing of the past. But the European Financial Stability Facility’s questionable 39 year tranche this week shows country still has the ability to hit the euro market — albeit by the back door this time.
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In its bid to, as one SSA syndicate official put it, "erase the ghosts" of its last visit to the far end of the euro curve, the European Financial Stability Facility (EFSF) has spooked what had been a supportive market with its second shocker in as many attempts, writes Lewis McLellan.
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French issuers appear unfazed by political turbulence afflicting their sovereign's curve, with two borrowers in the market this week. Meanwhile, the European Financial Stability Facility sold its largest deal tranche in over 2.5 years.
