ESM-EFSF
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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. -
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.
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Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan.
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A blowout 30 year euro trade from the European Stability Mechanism on Tuesday prompted a flurry of longer dated euro offerings from SSA borrowers this week but issuance has been busy across the euro curve.
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The European Stability Mechanism blasted open the long end of the curve on Tuesday with its longest bond to date. The 30 year stormer has prompted several other issuers to explore maturities of 10 years and above.
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Euros proved the currency of choice for SSA borrowers on Monday with two new issues, two taps and a mandate in the market across a range of maturities.
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SSA borrowers shrugged off a hiccup by the Province of Ontario this week to issue a series of strongly supported benchmark euro deals.
