ESM-EFSF

The EFSF has become the latest issuer to move into negative yields in its short dated instruments. But despite the historically low rates the rescue fund is still not regarded as a safe haven.

FMS Wertmanagement was set to print a €2.5bn five year note on Wednesday afternoon. However, the deal, which bankers said was tightly priced,was only just subscribed and camemore than 50bp inside a five year trade from the European Financial Stability Facility (EFSF) which attracted an €8bn book the day before.

The European Financial Stability Facility (EFSF) was flooded with orders for a five year euro benchmark on Tuesday morning, enabling the issuer to double the size of the deal from the originally intended €3bn to €6bn. Inevitably however, some bankers away from the deal felt the issuer had paid up to get it done.

The European Financial Stability Facility (EFSF)mandated three banks to run a much anticipated five year benchmark, following a request for proposals a week ago for €3bn of funding. The mandate comes on a day when Spanish 10 year yields sat north of 7% and Eurozone finance ministers met in Brussels to discuss the latest developments in the sovereign debt crisis.

The European Financial Stability Facility (EFSF) printed a €1bn tap of its 2037s on Wednesday despite one of its guarantors requesting a bail-out and having led bankers to believe it would be looking to print a new benchmark.

The European Financial Stability Facility, which sent out a request for proposals for €3bn of funding last week, is most likely to pick five years for the upcoming benchmark, said SSA bankers on Monday.

The European Financial Stability Facility may have picked strange timing for its latest benchmark, but in doing so it has made an important point.

Demand and pricing for the latest deal from the European Financial Stability Facility (EFSF) has made a strong case that the region's SSA sector has put the sovereign crisis behind it — for now, at least. After a first quarter that has been characterised by robust demand and diminishing new issue premiums on bond issues across the SSA market, Europe's bail-out vehicle priced on Wednesday a €4bn five year trade that was more than three times subscribed with a miniscule new issue premium.

The European Financial Stability Facility (EFSF) made light of a one notch downgrade from Standard & Poor’s to print €1.501bn of six month paper on Tuesday.

The European Financial Stability Facility closed books on is debut three year benchmark on Thursday morning, having received orders well in excess of the €3bn planned deal size. The deal is set to leave the SSA market in a healthier state than many predicted after a hectic opening week to the year.

Sovereign, supranational and agency issuance planning for 2012 lay in tatters after last week’s Eurogroup summit left issuers and their advisors riddled with uncertainty. Although funding volumes are known, plans of campaign are limited to taking a wait-and-see approach as issuers face up to increased scrutiny, wider spreads and smaller deal sizes.

The European Financial Stability Facility (EFSF) auctioned its first short term debt instruments on Tuesday morning. It achieved a yield in line with what the French have to pay for the same maturity. Meanwhile, fellow bailout borrower the European Union is understood to be poised to launch a new issue.