ESM-EFSF
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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. -
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.
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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.
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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.
