ESM-EFSF
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Euro area finance ministers said on Monday evening that they would introduce a backstop for the Single Resolution Fund up to two years earlier than planned, following "substantial" risk reduction in the banking system. -
This week's funding scorecard looks at the progress of Europe's supranationals and agencies in mid-November. Joining the scorecard this week is the European Union, which launched its Support to Mitigate Unemployment Risks in an Emergency (SURE) programme in October.
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The European Financial Stability Facility made a quick and impressive visit to the euro market on Monday, concluding its funding needs for the year, ahead of the European Union’s second outing under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme, which is expected to be priced on Tuesday.
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The European Union will likely go big once again for its second trip to the capital markets to fund its Support to Mitigate Unemployment Risks in an Emergency funding programme, and the obstacles to its €750bn recovery fund are slowly falling away.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 26. The source for secondary trading levels is ICE Data Services.
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The European Stability Mechanism’s Pandemic Crisis Support credit lines will eventually be drawn on by euro area member states, according to the institution’s chief financial officer, Kalin Anev Janse.
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The European Stability Mechanism wasted no time in getting its final trade of the year done on Monday ahead of the European Union’s highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 12. The source for secondary trading levels is ICE Data Services
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Siegfried Ruhl, the head of funding and investor relations at the European Stability Mechanism, will be seconded to the European Commission later this month as it gears up for its vast borrowing programme.
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The European Financial Stability Facility mandated banks on Monday to lead a euro dual tranche transaction in what could be the issuer’s first and final outing of the fourth quarter.
