ESM-EFSF
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Spreads to Bunds tightened on Thursday following a European Central Bank meeting that disappointed market participants expecting more stimulus, leading to a sell-off of German government debt. -
The European Stability Mechanism said it would disburse €2.72bn to recapitalise Piraeus Bank on Monday, drawing upon the €10bn in funds earmarked for the Greek recovery for the first time.
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The eurozone’s rescue fund forged a new benchmark maturity in public sector bond markets this week, treating yield-starved investors to a 40 year deal that was doubled from a launch size of €500m, writes Virginia Furness.
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European Stability Mechanism rounded off its funding for the year in spectacular fashion on Tuesday. Not only did it double the size of its deal but it printed the longest ever bond from a supranational.
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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.
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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.
