ESM-EFSF
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SNCF Réseau became the second SSA issuer of the week to target the long end of the euro curve, printing a €500m May 2037 on Wednesday. -
The European Stability Mechanism on Wednesday reduced its funding target for the second quarter of the year by €3bn, due to Cyprus’s imminent exit from its assistance programme and the issuance of Namensschuldverschreibungen (N-bonds).
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A trio of issuers in euros joined the sole dollar SSA benchmark deal this week in a flurry of pre-holiday activity, with a banker away from the this week's action remarking that the terrorist attacks in Belgium were likely to have a limited effect on SSA deals.
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Unédic and the European Stability Mechanism nipped in ahead of the Easter holiday to print euro benchmarks, in seven and 20 year tenors, respectively.
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Unédic and the European Stability Mechanism are set to price euro deals this week, taking advantage of a window before the start of the Easter holidays later this week.
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European Central Bank president Mario Draghi did not disappoint with his latest burst of stimulus on Thursday — although some public sector bankers felt his latest efforts to boost the eurozone economy could have damaging effects on the SSA bond market.
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Core eurozone issuers are set to pepper the euro curve over the next two days, before all attention turns to a much anticipated European Central Bank meeting on Thursday.
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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.
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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.
