ESM-EFSF

The European Stability Mechanism has reduced its funding needs for the final quarter of 2016 by €500m, leaving it with €6bn to raise over the next three months.

A French agency is set to bring a euro benchmark in the shortest tenor seen since the end of the summer, while a Dutch agency is about to sell its longest dated syndication ever in the currency.

A handful of deals could hit the euro market for public sector borrowers next week, with the seven year part of the curve looking particularly attractive — the latest evidence for which was a KfW trade this week.

The European Stability Mechanism is likely to raise the last €1bn of its third quarter funding needs by tapping a long dated bond, or with a shorter dated auction, SSA bankers said on Thursday.

This week's funding scorecard looks at the progress European supranationals and agencies have made with their funding programmes.

A pair of issuers printed at the two maturity extremes of what is possible in euro benchmarks this week, as the European Central Bank's governing council on Thursday held back from any dramatic announcements that would have opened up a wider range of issuance possibilities.

The European Investment Bank will on Wednesday tackle a part of the euro curve where Finland drew a strong book last week, as the European Financial Stability Facility made light work of its funding needs for the third quarter.

The European Stability Mechanism has hired an industry veteran from the European Investment Fund to run its middle and back offices.

The European Financial Stability Facility is planning to wrap up its third quarter funding needs via a single visit to the market with a deal that will pour some liquidity into the long end of its outstanding bonds.

The European Financial Stability Facility has sent out a request for proposals for a bond issue next week, as Finland highlighted how much demand issuers can muster in the euro market — even at yields well below 0%.

Euros had to play second fiddle to a rampant dollar market this week, but there was still a steady flow of deals at the smaller end of the size scale.

The European Stability Mechanism has chosen to tap its April 2024 line during its funding window this week, a move that bankers said was sensible given the seasonal thinning of liquidity in the market.