ESM-EFSF
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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. -
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.
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The European Stability Mechanism looks set to issue its longest euro bond to date after sending out a request for proposals on Wednesday, as the European Union mandated for a long dated tap. Meanwhile, a German state hits the spot for investors.
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This week's scorecard features updates on the progress of selected European supranationals and agencies through their funding targets for the year.
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The European Stability Mechanism, which has made a number of recent hires including newly created senior positions, is continuing to reshape its management structure with another appointment.
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The euro market is set to outshine dollars in the coming weeks, a pair of issuers showed this week as they demonstrated the depth available at the long end of the curve.
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The European Stability Mechanism has brought its funding total for the fortnight to €9bn with a curve-building 10 year print.
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A pair of European supranationals are set to pick up size at the long end of the curve this week, after European Stability Mechanism hired banks for its second benchmark in two weeks.
