ESM-EFSF
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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. -
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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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.
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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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