ESM-EFSF
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A fourth issuer of the week has broken its record for longest dated syndication ever, while the European Financial Stability Facility wrapped up its 2016 needs with a trade that looked almost short end by comparison to the rest of the week’s euro supply. -
Austria was richly rewarded for taking a leap into the unknown on Tuesday, as it took orders of over €7bn for the longest dated syndication ever from a core eurozone sovereign. KommuneKredit also broke its tenor record in euros, while the European Financial Stability Facility hired banks for a tap of a bond that looks short end by comparison.
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Spain has lopped €5bn off its 2016 funding programme and has applied to make a fourth early repayment of part of its loan from the European Stability Mechanism (ESM).
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
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The European Stability Mechanism has selected the banks that will advise it on the launch of its dollar issuance programme, it announced on Friday morning.
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The long end will stay very much in vogue for euro issuers next week — which SSA bankers are predicting could be the last big window of issuance for the year.
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A sell-off in eurozone government debt last week, over rumours that the European Central Bank might start tapering its quantitative easing programme, may have helped issuers bring more shorter dated deals in euros this week than have been possible for months — but some issuers are wary that more volatility could be ahead.
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The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.
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The European Stability Mechanism (ESM) and the Société de Financement Local (SFIL) sold benchmark debt to an increasingly welcoming market for euro-denominated paper on Tuesday.
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The European Stability Mechanism on Monday named four banks to lead manage a dual tranche syndication, expected to be priced on Tuesday.
