ESM-EFSF
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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.
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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.
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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.
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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.
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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.
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The European Stability Mechanism, which hired banks for a seven year benchmark on Monday, should be able to raise €5bn with ease, according to SSA bankers away from the mandate. The maturity complements five and 10 year issues this year from sister bail-out mechanism the European Financial Stability Facility.
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This week SSA Markets provides funding updates on key European supranationals and agencies after what is traditionally the busiest issuance period of the year. Click here to find out which issuer has completed over 30% of its 2014 funding requirement.
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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.
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The European Financial Stability Facility has taken down nearly its entire funding requirement for the quarter in just two deals. The supranational, which priced a €4bn 10 year note on Wednesday, has raised €12bn of its €14bn target for the first quarter.
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The European Financial Stability Facility has picked a 10 year maturity for its second benchmark of the year. The issuer chose a longer-dated deal to complement a super-sized five year sold in January. Caisse d’Amortissement de la Dette Sociale, meanwhile, mandated for its first euro benchmark of 2014.
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Read on to see how benchmarks priced in the first three weeks of the year are performing in the secondary market. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.
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Read on to see how deals priced in the first week and second weeks of the year are faring. Trading levels given are the bid-side spreads versus mid-swaps and/or an underlying benchmark bond as of Thursday's close. The source for secondary trading levels is Interactive Data.