ESM-EFSF

Three of the largest euro funders in the supranational and agency market are set to reduce their issuance in the currency next year. But renminbi could form a bigger slice of at least one issuer's 2015 business.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

The European Union will this week tap its most recent bond to fund more lending to Ukraine, after mandating banks for a deal on Tuesday. The mandate came as the European Stability Mechanism completed its bond business for 2014 with its second ever tap.

The European Financial Stability Facility on Wednesday joined an elite gaggle of issuers able to raise 10 year cash at levels through mid-swaps.

The European Financial Stability Facility has mandated three banks to run a long-dated tap that will complete its 2014 funding programme. It is likely to knock a double digit figure off its tightest spread to swaps on a 10 year so far, said bankers off the mandate.

Finnvera looks set to join the euro benchmark pipeline for the rest of the year after hiring banks to hold investor calls on Monday. The European Financial Stability Facility is set to bring a deal this week after circulating requests for proposals last week, while OeBB-Infrastruktur was first out of the blocks in euros on Monday.

This week's scorecard features updates on the progress of selected European supranationals and agencies through their funding targets for the year. Read on to see which have room for one more benchmark in 2014.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

The European Financial Stability Facility is likely to be one of the few issuers to test demand in euros next week, having sent out requests for proposals for a benchmark on Wednesday. Other issuers with euro needs are more likely to indulge in arbitrage plays next week, said SSA bankers, although a pair of borrowers printed small euro benchmarks on Wednesday.

Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

The European Stability Mechanism took a novel approach to the sale of its shortest dated bond to date on Tuesday, printing a two year deal with what is understood to be the first ever 0% coupon on a benchmark from a supranational or agency. Agence Française de Développement is set to mimic the ESM’s tenor on Wednesday, after mandating banks for a long two year on Tuesday afternoon.

The European Stability Mechanism has opted to sell what will be its shortest dated bond to date on Tuesday, after mandating banks for a two year bond on Monday afternoon. Meanwhile, the State of North Rhine-Westphalia grabbed some funding at the long end of the curve.