ESM-EFSF
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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. -
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.
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The public sector borrower market is enjoying stability after weeks of turbulence, with a pair of issuers trebling the number of euro benchmarks so far this month.
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The European Financial Stability Facility has opted for a defensive maturity with a deal that should complete its funding for the second quarter of 2015.
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Public sector borrowers are looking to the European Financial Stability Facility to calm the increasingly volatile and unpredictable euro debt market, writes Craig McGlashan.
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The European Financial Stability Facility looks set to again walk alone in the euro benchmark market for SSAs, after sending out requests for proposals on Wednesday.
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A second successive twin tap deal, following Portugal’s lead at the end of last month, brought the European Financial Stability Facility both plaudits and brickbats this week in an otherwise deserted euro primary market, writes Craig McGlashan.
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The European Financial Stability Facility passed a tricky test in euros on Wednesday — but bankers were divided over whether it had opened the market for others.
