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