ESM-EFSF
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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. -
Deal after deal has hit screens in euros this week as issuers from all across the public sector spectrum printed in maturities from five to 30 years.
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This week's funding scorecard looks at the progress European supranationals and agencies have made during the first three weeks of the year.
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Euro bonds at the 10 year maturity and beyond have proven difficult so far in 2017, but a strong performance from the European Investment Bank may have shown other issuers what it takes to pick up size at long maturities.
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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.
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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.
