ESM-EFSF

The European Financial Stability Facility surprised market participants on Tuesday with its choice of maturity for its upcoming benchmark, opting to sell a deal that matures in just one year. While some bankers away from the deal were baffled by the decision, syndicate managers were vigorous in their defence of the issuer’s choice.

This week's scorecard focuses on Europe's major supranationals and agencies, with most of the borrowers well advanced in their funding programmes as issuance begins to slow down for the summer.

The European Financial Stability Facility has €9.5bn left to raise this year and could have raised the bulk of it by the end of July.

The European Stability Mechanism conducted its first auction of long-dated bonds on Tuesday, raising almost €1bn of 10 year paper in an operation that takes it over its €4bn funding target for the quarter.

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.

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 priced a long three year bond on Wednesday that was nearly three times subscribed and at a level that was within touching distance of fair value.

The European Financial Stability Facility mandated banks on Tuesday for a new issue benchmark that should at least complete the supranational’s funding target for the quarter. EFSF announced the mandate as fellow European supranational, the European Union, printed a tap of 2024 bonds.

The European Financial Stability is expected to complete its funding for the quarter this week. The issuer has the entire curve open to it owing to a strong market, according to syndicate managers. The European Union is also set to tap the market this week.

Read this week's funding scorecard to see which borrowers are approaching the 75% mark in their funding for the year.

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.

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.