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ESM priced new €2.5bn 10 year at flat to EIB
◆ Issuer's first green benchmark in 2026 ◆ Blended premium estimated ◆ Central bank/official institution allocations 'notable and high' for green label
◆ 'Impressive' and 'blockbuster' gush rival bankers ◆ Consensus on new issue premium ◆ Final deal size was amended
◆ Investor demand for 10 year dollars continues ◆ Secondary markets keep tightening ◆ Real money place structural bets in long end
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Some market participants saw just 1bp of new issue premium in the deal -
Borrowers benefit from scarcity value and lack of competing supply
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Fair value is seen around high-20bp with more than 10bp of pick-up versus KfW
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‘Difficult to argue against this trade’, said one lead
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Signs of indigestion in the market after record buying from investors
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German issuer is also monitoring issuing conditions in dollars and smaller markets such as Kangaroo
