ESM-EFSF

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.

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.

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.

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 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.

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.

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.

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.

Read the funding scorecard this week to see how selected European supranationals and agencies have got on in the busy first few weeks of the year.

The European Financial Stability Facility opened its 2014 funding programme with a deal that equaled its largest ever trade and came at the tight end of price guidance. The deal crowns a run of oversubscribed euro trades this week.

The European Financial Stability Facility and the Province of Quebec mandated banks for new euro benchmarks on Tuesday, following in the footsteps of a highly successful 10 year deal from the Kingdom of Belgium. The Kingdom’s relatively high yields compared to other non-peripheral eurozone issuers helped to boost demand for the trade, according to bankers close to the deal.

Belgium has hired banks to run a long-dated syndication this week, it announced on Monday morning, while the EFSF is expected to pick a maturity between five and 10 years when it mandates for its first benchmark of the year later this week.