ESM-EFSF

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.

KfW provided the euro market with a knock out syndication on Wednesday afternoon, printing a seven year benchmark at the tight end of guidance. The European Financial Stability Facility is set to follow next week, having sent out requests for proposals earlier on Wednesday.

The European Financial Stability Facility attracted strong demand from asset managers and fund managers to a long-dated benchmark on Tuesday. Demand for the deal was robust as it could represent one of the last opportunities of the year for those investors to put cash to work in supranational paper, despite the coupon on offer falling shy of their 3% yield sweet spot.

The European Financial Stability Facility hired three banks on Monday to run a long-dated deal with an unusual maturity.

Read this week's funding scorecard to see which European supranationals and agencies are nearly done for the year, and which have already begun prefunding.

The European Stability Mechanism was able to price its second ever benchmark inside initial guidance on Tuesday as investors piled into the order book despite an auction from the Dutch State Treasury Agency in the same maturity on the same day.

The European Stability Mechanism hired banks to run a 10 year syndication in euros on Monday, surprising several market participants who had expected the supranational to announce a day later.

The European Financial Stability Facility printed a heavily oversubscribed seven year syndication on Tuesday afternoon. Pricing that offered a double digit premium over France, plus banks, asset managers and central banks willing to look further along the curve in search of yield, helped the European bailout borrower to bring a deal at the upper end of size expectations.

The European Financial Stability Facility announced a seven year benchmark on Monday afternoon offering initial price thoughts wide of where the issuer's 10 year debt was trading on a mid-market basis, according to bankers away from the deal. The supranational announced the mandate as Bank Nederlandse Gemeenten failed to get over the line with a five year syndication.