ESM-EFSF
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Cyprus may become the first country to access the ESM’s pandemic support line, borrowing 2% of its GDP for up to 10 years. -
The European Stability Mechanism is looking at creating a socially responsible bond framework to fund its pandemic crisis package of credit lines to support euro area member states in the financing costs related to the Covid-19 crisis.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in the middle of May.
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Eurofima, the supranational institution that finances European rolling stock, is planning to bring a euro green bond with a 10 year maturity. The European Stability Mechanism kicked off the euro supranational bond market this week with a €1.5bn tap on Monday to complete its benchmark funding needs for the quarter.
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Instituto de Crédito Oficial (Ico) was almost seven times covered for its four year Covid-19 social bond on Wednesday, as investors continue to support deals to tackle the pandemic. The European Stability Mechanism could follow with a similar maturity next week, after it sent banks a request for proposals (RFP).
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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, May 4. The source for secondary trading levels is ICE Data Services.
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The European Financial Stability Facility received plenty of demand for an intraday dual tranche bond sale to complete its funding for the period from April to June with its first issuance window of the second quarter.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in early April.
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The European Stability Mechanism has added a new 12-month bill programme for the second quarter as it looks to manage its collateral requirements amid volatility in rates. ESM and the European Financial Stability Facility have also set out their issuance windows for benchmark deals in April to June.
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‘Corona bonds’ have been talked up so much that the EU risks underwhelming the market by failing to act. It has become a question of political solidarity within the region, not simply one of debt management.
