ESM-EFSF
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The European Stability Mechanism could guarantee loans across the eurozone and as a result significantly increase its annual funding programme in response to the Covid-19 pandemic, according to analysts at Rabobank. -
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The public sector bond market pipeline is likely to remain sparsely populated as coronavirus pandemic volatility engulfs markets. But SSAs are happy to sit on the sidelines and wait for better market conditions.
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The European Financial Stability Facility was made to pay a bigger new issue premium than usual as it brought a cautiously executed tap to market, concluding its funding needs for the first quarter on Tuesday.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the start of March.
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Market participants will be keeping a close eye on how a deal from the European Financial Stability Facility (EFSF) will proceed next week, as it could well re-open the euro supranational and agency bond market after issuers shied away from doing deals this week, amid volatile market conditions and an improved cross-currency basis swap for euro funders to issue in dollars.
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SSA bankers have urged the European Financial Stability Facility to head to the short end of the euro curve next week to complete its funding needs for the first quarter.
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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, March 2. The source for secondary trading levels is ICE Data Services.
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On-looking SSA bankers applauded the European Stability Mechanism’s trade on Tuesday, which managed to get over the line with minimal new issue premium despite sharp moves in the rates market caused by the spread of the Covid-19 coronavirus.
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The European Stability Mechanism has requested its primary dealers or ‘market group banks’ to set up entities within the 27 member states of the European Union in order for them to participate in bond auctions by the supranational and its sister issuer, the European Financial Stability Facility.
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The European Stability Mechanism sent out a request for proposals on Wednesday informing banks that it is targeting a bond in the short to medium of the euro curve, according to sources who have seen the RFP.
