ESM-EFSF
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KfW was set to print its third euro benchmark of the year on Wednesday as GlobalCapital went to press and SSA borrowers rush ahead of next week’s European Central Bank meeting. -
The long end of the euro curve is wide open for public sector borrowers, after a pair of issuers printed deals this week and speculation grew that further central bank stimulus is on the way.
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The SSA market has seen a steady stream of activity across the euro and dollar markets this week. The European Stability Mechanism priced the week’s biggest deal on Tuesday, printing €4bn in 10 and 40 year tenors. Meanwhile African Development Bank led the charge in dollars, preparing to print a $1bn no-grow in its first benchmark deal of the year.
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The European Stability Mechanism raised €4bn on Tuesday with a dual tranche deal at the long end of the curve, printing a 10 year bond through mid-swaps while hitting €1bn on a tap of a 40 year bond.
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The European Stability Mechanism has picked banks to sell a 10 year benchmark and a tap of its €1bn December 2055 bonds, amid a strong window for duration plays in euros, said bankers.
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A healthy pair of benchmarks this week and strong conditions mean the euro market is wide open for a pair of supranationals to bring planned deals next week.
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Public sector bankers are hoping borrowers take advantage next week of some of the best market conditions so far this year — but some are pessimistic about the volumes possible.
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The European Stability Mechanism has sent out a request for proposals for its first deal of the year — and could follow an Austrian deal this week by hitting the long end of the curve, said SSA bankers.
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This week's funding scorecard looks at the funding progress of European supranationals and agencies
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Bankers say that five years appears to be the right point in euros in a week in which a raft of issuers hit the books.
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