ESM-EFSF
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Read on to discover the funding progress of European supranationals and agencies in 2016 so far.
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Will euros or dollars dominate SSA bond issuance in the second quarter? Debate over the direction of primary markets broke out this week with issuers scheming arbitrage trades in euros, while others believe the dollars will win out. Craig McGlashan reports. -
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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.
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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.
