ESM-EFSF

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.

This week SSA Markets provides funding updates on key European supranationals and agencies. Click here to find out which issuers have completed over half of their 2014 funding requirements.

The European Stability Mechanism practised its usual policy this week of offering a decent premium to attract a bumper order book. While some bankers felt that it was being too cautious — after all it was only looking for €3bn, a paltry amount by ESM’s standards — the strategy the supranational is playing is a canny one. Other issuers should take note.

Germany’s Joint Laender hired five banks on Wednesday to run a 10 year deal, while the European Stability Mechanism received a riotous reception to a long five year at sub-Libor levels.

The European Stability Mechanism mandated banks on Tuesday afternoon for what could be the only euro benchmark of the week, surprising with a five year maturity rather than the expected 10 year trade.

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 is expected to take centre stage in the new issue markets next week as holidays in Europe and Asia make for a small window. The European bail-out borrower is tipped to mandate for a 10 year deal — although three and five years are also options.

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.