ESM-EFSF
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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.
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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.
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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.
