ESM-EFSF
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The European Financial Stability Facility may not have to print oversubscribed benchmarks just to show that the eurozone isn’t falling apart any more, but it still has to step up on occasion.
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The European Financial Stability Facility may not have to print oversubscribed benchmarks just to show that the eurozone isn’t falling apart any more, but it still has to step up on occasion.
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The European Financial Stability Facility became the first public sector borrower to sell a €3bn syndication in euros after the European Central Bank began a public sector purchase programme in March. -
The European Financial Stability Facility is set to create a new pricing benchmark on Tuesday — but the latest Greek worries could make conditions turbulent.
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The European Stability Mechanism sold the first euro benchmark at a negative yield this week — but stopped short of taking an innovative approach to marketing bonds that others may still adapt.
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The European Stability Mechanism has made a strong case that negative yielding bonds are an option for SSA issuers, after building a thumping book for paper yielding minus 0.07%.
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The European Stability Mechanism will open books on Tuesday on what SSA bankers believe will be the first euro benchmark issuance to carry a negative yield.
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European sovereigns, supranationals and agencies highlighted what bankers expect to be a theme for the next two years, as the promise of the European Central Bank buying their euro denominated bonds all the way out to 30 years pushed investor demand further out the curve.
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The European Financial Stability Facility sold an unusually small new issue on Tuesday at a minimal concession to secondaries — the deal marks a departure from the supranational’s usual tactic of offering a decent premium and tilting for size.
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The European Financial Stability Facility has opted for an unusual maturity with its first benchmark of the year — set to be priced on Tuesday — in an effort to attract bank treasury accounts. The EFSF follows a 10 year euro benchmark from the Province of Ontario on Monday.
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KfW showed that pricing through mid-swaps is no obstacle at the start of 2015, as on Thursday it built a comfortably oversubscribed book on the first euro deal to come through swaps this year. The issuer plumped for a 10 year deal — an option also taken by Province of Quebec on Thursday and a tenor that many SSA officials think the European Financial Stability Facility will take next week.
