ESM-EFSF
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The European Financial Stability Facility (EFSF) has surprised SSA bankers by returning to the long end with one tranche of a deal it plans to launch on Tuesday. -
The European Stability Mechanism’s board of governors on Monday reappointed ESM managing director Klaus Regling for a second five year term, which will start on October 8.
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The scores have been collated. See how market participants rated Belgium’s €6bnn dual tranche, EFSF’s €1.5bn 26 year, Finland’s €4.5bn note and the two dollar deals from BNG and EIB.
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Euro issuance looks set to heat up again next week as 10 year plus maturities return to favour after a discouraging start to the year.
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A trio of eurozone government borrowers are rumoured to be mulling deals in the coming weeks, with conditions at the long end in euros looking stronger than earlier in the year.
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A request for proposals from the European Financial Stability Facility (EFSF) hit screens on Wednesday, with the issuer likely needing to print a larger deal than its last visit to the market.
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While the French presidential race put many eurozone issuers under pressure this week, some found the conditions ideal, locking in low rates while they could.
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Political volatility in France has buffeted the euro market this week, leaving some public sector issuers floundering as government yield curves spiked. Other issuers have had no such troubles though, thriving amid the turmoil.
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The market for public sector euro issuers is springing back to life after a quiet week, with two benchmarks printed on Monday and a sovereign dual tranche expected on Tuesday. But although traffic is returning, conditions are no longer as supportive as in January.
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Euros in the public sector bond market have enjoyed an exceptional run throughout January, providing borrowers from all across the public sector with funding in a tremendous breadth of maturities.
