ESM-EFSF
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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.
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The European Financial Stability Facility is the biggest confirmed name for euro issuance next week, with a wide variety of trade options open to it, according to bankers.
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A slumbering euro market for core issuers kicked into life on Wednesday, as Nederlandse Waterschapsbank looked to take advantage of a strong bid for duration and the European Financial Stability Facility sent out a request for proposals for its deal window next week.
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Read on to discover the funding progress of European supranationals and agencies in 2016 so far.
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Investors poured into Belgium’s debut 50 year benchmark vintage this week, with demand so strong that bankers are confident other issuers could soon sip liquidity from the ultra-long tenor.
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The European Stability Mechanism rode the crest of a wave of demand for duration on Tuesday to complete its remaining funding needs for the second quarter, as Unédic looked to hit a shorter maturity.
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The European Stability Mechanism is set to fill a gap in its maturity curve on Tuesday with its first ever 15 year euro benchmark, while other issuers are expected to follow the supranational with deals in the currency.
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European Central Bank president Mario Draghi kept his powder dry at his latest monetary policy meeting on Thursday, sending eurozone government bond yields higher — something that is likely to be welcomed in the offices of the European Stability Mechanism.
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