ESM-EFSF
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Public sector borrowers are hitting several parts of the euro curve, with dollar issuance all but dried up before the US Federal Reserve announces later on Wednesday the outcome of its Federal Open Markets Committee meeting.
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The European Financial Stability Facility was the sole SSA out in euros on Tuesday, and won praise for a dual tranche tap that boosted each bond to the issuer’s normal benchmark size and completed its €6bn funding target for the first quarter.
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The European Financial Stability Facility will hit the short and long end of the curve with its second benchmark of the year, a move that is being viewed as an effort to achieve size and duration. -
Sovereign, supranational and agency borrowers in the eurozone could receive an injection of monetary stimulus from the European Central Bank in March — boding well for a series of issuers lining up deals in euros.
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The European Investment Bank and the Federal State of Berlin announced on Monday their intention to print in euros in a week in which the European Central Bank is expected to make a decision regarding interest rates.
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A series of oversubscribed deals among core issuers could encourage Austria to seek a print in the current market.
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The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.
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A bevvy of public sector borrowers are lining up euro deals for Tuesday and beyond — but some are opting to hold back price thoughts amid a cluttered and volatile backdrop.
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A healthy euro benchmark pipeline is building for next week, with one supranational looking to print and a pair of sovereigns believed to be considering deals, after a week that didn’t finish as strongly as it started for core issuers.
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KfW raised €3bn with a slow burning seven year benchmark on Thursday, leaving SSA bankers wary about the threat of over saturation in the currency as several issuers mull deals for next week.
