Euro
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A pair of issuers printed at the two maturity extremes of what is possible in euro benchmarks this week, as the European Central Bank's governing council on Thursday held back from any dramatic announcements that would have opened up a wider range of issuance possibilities. -
European Investment Bank received a warm welcome on Wednesday for its fourth euro benchmark outing of the year.
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The European Investment Bank will on Wednesday tackle a part of the euro curve where Finland drew a strong book last week, as the European Financial Stability Facility made light work of its funding needs for the third quarter.
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The European Financial Stability Facility is planning to wrap up its third quarter funding needs via a single visit to the market with a deal that will pour some liquidity into the long end of its outstanding bonds.
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The European Central Bank could bring the shorter end of the euro curve back into play for public sector borrowers next week if it opts to cut its deposit rate once again, as super low yields led one market participant to describe a seven year euro benchmark by Finland this week as targeting the “short end” of the curve. Craig McGlashan reports.
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Spain was the outlier among a trio of eurozone periphery sovereigns to auction debt this week, as its 10 year yields rose while those of the other two fell — a move that analysts blamed on Spain’s political situation.
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The European Financial Stability Facility has sent out a request for proposals for a bond issue next week, as Finland highlighted how much demand issuers can muster in the euro market — even at yields well below 0%.
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Slovenia became the first central and eastern European name to tap the core currency markets after the summer lull on Wednesday with a reopening of its €1bn March 2035s.
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Coca-Cola came for euros on Tuesday with a 20 year bond that was priced aggressively, as a slug of borrowers took aim at the market.
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Finland is bringing a seven year euro benchmark that is almost certain to be priced with a negative yield — but that should do little to quell demand, said bankers on and off the deal.
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A pair of eurozone periphery sovereigns have deals in the pipeline — but could face problems bringing the trades, bankers warned this week.
