ESM-EFSF
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A seismic shift has affected appetite in euro borrowing. Investors driven out to outlandish maturities by low rates have come flooding back to the belly of the curve. -
The belly of the curve appears to be the favoured spot in euros, with the European Financial Stability Facility selling a €3bn November 2022 and Agence Française de Développement announcing that it intends to bring an April 2022 on Wednesday. Further out in the curve, the market is proving less supportive.
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KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.
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KfW and Ireland brought euro deals on Wednesday at the very top end of size expectations, alleviating a little of the pressure on what is set to be an extremely busy year in the currency. The trades came the same day as Municipality Finance mandated for a euro benchmark and a request for proposals came from the European Financial Stability Facility.
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Several European sovereign, supranational and agency borrowers this week published funding targets for 2017. Many will be looking for more funds than last year, despite markets likely to be wracked with political risk.
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Less than two weeks after agreeing to a programme of debt relief for Greece, the European Stability Mechanism (ESM) has suspended the measures, blaming proposed pension largesse.
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The European Stability Mechanism and European Financial Stability Facility’s joint funding requirement for 2017 has been driven up €7bn because of new debt relief measures for Greece.
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A plan for the European Stability Mechanism to use matched funding for future disbursements to Greece could dampen the supranational’s funding flexibility and lead to a steepening of its curve, according to analysts.
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The European Stability Mechanism has reduced its funding needs and completed its borrowing programme after accepting a €1bn early loan repayment from Spain.
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Public sector borrowers have hardly skipped a beat in the wake of Donald Trump’s election victory, getting back on track with an NRW.Bank green bond mandate hitting screens on Wednesday.
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The European Stability Mechanism has reduced its funding needs after accepting a €1bn early loan repayment from Spain.
