ESM-EFSF
-
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.
-
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. -
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.
-
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.
-
The European Stability Mechanism has reduced its funding needs and completed its borrowing programme after accepting a €1bn early loan repayment from Spain.
-
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.
-
The European Stability Mechanism has reduced its funding needs after accepting a €1bn early loan repayment from Spain.
-
-
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.
-
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).
-
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.
