ESM-EFSF
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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. -
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.
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The euro pipeline for SSAs is fit to burst amid strong conditions, with a trio of issuers hitting screens on Monday and at least one borrower set to come with a deal later in the week.
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The European Stability Mechanism visited the short end of the curve to bring the largest benchmark from a supranational or agency in 18 months as the euro market goes from strength to strength.
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Belgium on Wednesday printed the largest euro benchmark of 20 years or longer since the European Central Bank began a programme of public sector bond buying earlier this year.
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The European Stability Mechanism has added another chapter to the euro market’s autumn renaissance with the largest benchmark from a supranational or agency in 18 months.
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A pair of SSAs hit screens with euro benchmark mandates on Monday — and bankers are confident that market conditions will stay bright to support even more expected supply.
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The European Central Bank boosted the prospects of an upcoming supranational deal that SSA bankers expect to be at the elephantine end of the size spectrum.
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Public sector benchmark issuance snapped back after extreme volatility in credit and equity markets early this week, but bankers are concerned about the depth of demand in the currency.
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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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An agreement between Greece and its creditors this week should make euros more attractive for issuance, said SSA bankers, although the road ahead is bumpy.
