ESM-EFSF
-
ESM priced new €2.5bn 10 year at flat to EIB -
◆ 'Impressive' and 'blockbuster' gush rival bankers ◆ Consensus on new issue premium ◆ Final deal size was amended
-
◆ ESM set for first syndication of 2026 ◆ EIB drawn to popular 10 year dollar demand ◆ KfW taps sterling market
-
‘Long-term investors have proven their appetite for EFSF bonds,’ says issuer
-
◆ Strong 10 year demand proven again ◆ Nearly 40% of €18.5bn annual funding already done ◆ EU waiting in the wings, 'first proper test' for duration
-
Caution pays off as issuer completes funding for 2025 and prepares for next year
-
◆ New five year a 'very clear' choice ◆ 'Cautious' start to bookbuilding was 'good and balanced' ◆ Funding completed for the year
-
Issuer navigates US-China trade spat, and bond tightens to 1bp inside fair value the morning after pricing of tap
-
◆ €18.5bn demand for €1bn tap ◆ ‘Really fantastic’ deal completes 2025 funding ◆ 'Very tight' Bavaria struggles to attract
-
Rating changes to EFSF, French agencies yet to come, impact expected to be minimal
-
ESM's head of funding Jun Dumolard said market's approach to deals had changed
-
◆ Supra raises €2bn instead of €3.5bn ◆ Impact on other SSA deals considered ◆ Deal seen as 'quite tight'
