ESM-EFSF
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The European Stability Mechanism is going further down the curve than ever before and has mandated three banks to sell a 40 year bond. -
With the market anticipating that the European Central Bank (ECB) will extend quantitative easing on December 3, issuers are heading further down the curve to offer investors an attractive level.
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The European Stability Mechanism is requesting proposals for a bond issue in its deal window next week — but some SSA bankers said the small size required meant it would be a good deal for syndicate banks to miss.
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Public sector borrowers are putting the final touches to their funding programmes for the year amid stable market conditions, but there are few signs that any will pre-fund for 2016 in large size.
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A supranational is set to add a new point on its curve this week, as a German region prepared to bring its third benchmark of the quarter.
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With limited opportunities left to buy primary SSA debt this year, demand is likely to be strong for European Stability Mechanism’s next benchmark.
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Even-handed European Stability Mechanism is out with a mandate for another bond but which banks will it pick this time?
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The belly of the curve was the place to be this week for public sector borrowers in euros — but any other benchmarks before the end of the year are likely to be further out the maturity curve.
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A pair of agencies are set to tackle the belly of the euro curve, following a five year euro benchmark from European Stability Mechanism that left the supranational with just €2bn left to fund in 2015.
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The European Stability Mechanism hired banks on Monday to run the latest piece of its inflated 2015 funding target, as its chief financial officer said the supranational could move into instruments other than euro benchmarks and bills.
