ESM-EFSF
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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. -
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.
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A European supranational has gone in-house to select a chief risk officer.
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The European Stability Mechanism comfortably raised the €2bn it needed from a tap issue on Tuesday — but there were doubts as to whether it has reopened the euro market for SSAs.
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The European Stability Mechanism is set to bring the first syndicated euro deal with a size over €1bn in more than a month — but SSA bankers are split on whether it will reopen the euro market.
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Glimmers of light are shimmering through the thicket of obstacles to euro issuance for public sector borrowers — but little benchmark supply is expected to join a scheduled supranational issue.
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The European Stability Mechanism has sent out a request for proposals for a euro benchmark — and could ape the European Union, which brought a five year on Wednesday, said public sector bankers.
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The European Financial Stability Facility enjoyed a calmer euro market compared to the last few weeks with its second benchmark this month on Wednesday — but still opted for a defensive tenor.
