ESM-EFSF

The European Stability Mechanism is likely to take centre stage in a short opportunity for issuance next week. The rescue agency sent out requests for proposals on Tuesday ahead of a scheduled deal window next week.

The European Financial Stability Facility is expected to take centre stage in euros this week, mandating on Monday for a new benchmark deal. Two German agencies tapped the euro market ahead of the EFSF mandate, with rare issuer WI-Bank struggling through a 10 year print.

Norway’s Kommunalbanken is set to print its first euro benchmark bond this week, after mandating a group of banks on Monday for a €1bn no-grow five year deal.

This week SSA Markets provides funding updates on key European supranationals and agencies as we near the end of the first quarter. Click here to find out which issuers have completed nearly half of their 2014 funding requirements.

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 completed its €14bn funding target for the first quarter of the year with a €2bn tap of its July 2018 bonds on Wednesday. Elsewhere in euros, Bank Nederlandse Gemeenten sold a €1.5bn five year benchmark and Cades printed a €1bn tap.

The European Investment Bank and L-Bank will add to a deluge of dollar issuance on Wednesday. The issuers mandated on Tuesday for benchmark deals on Tuesday, following deals by Denmark, Agence Française de Développement and the Bank of England.

The European Financial Stability Facility, Bank Nederlandse Gemeenten and Cades lined up to stuff full an already busy euro pipeline on Tuesday, after mandating banks for a series of euro deals. The issuers follow Belgium and KfW, which both attracted strong books to deals at different ends of the curve.

Bankers have spent the week mulling over the latest bout of requests for proposals from the European Financial Stability Facility, which is set to sell its third deal of the year next week. The issuer had already hit the staple benchmark maturities of five and 10 years — now it’s time to go long.

The European Investment Bank grabbed €5bn with a seven year euro benchmark on Wednesday. Elsewhere in euros, the European Financial Stability Facility sent out requests for proposals for a deal likely to come next week.

Read on to see how deals priced earlier in the year 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 sold its first benchmark of 2014 on Tuesday, enjoying strong demand despite pricing comfortably through the curve of the European Investment Bank — the first time the supranational has done so with a new issue.