ESM-EFSF
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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.
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Supply-starved investors pounced on new euro benchmarks from the European Stability Mechanism and Agence Française de Développement this week, the first since the UK’s Brexit vote.
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Public sector borrowers are in the middle of a monster week of borrowing, with seven benchmarks hitting screens so far.
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The European Stability Mechanism reopened the euro benchmark markets for SSA borrowers on Tuesday with a €5bn dual tranche deal.
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The European Stability Mechanism has selected banks for a large, dual tranche transaction, expected to price on Tuesday.
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The European Stability Mechanism has appointed Pierre-Henri Floquet as head of asset and liability management (ALM) and lending.
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Read on to see how far through their funding programmes European supranationals and agencies have progressed.
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Supranationals were able to take €8bn out of the long end of the euro curve this week amid another week of demand for duration, but the deals arguably suggest the strength of that interest could be waning, said bankers.
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Supranational issuers are lining up to tap the long end of the euro curve, with the European Investment Bank set to price an April 2032 benchmark and the European Financial Stability Facility printing a dual tranche deal.
