ESM-EFSF
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All maturities are open for deals in the euro market, thanks to a widening in benchmark spreads over the past few weeks. SSA issuers are taking advantage of the conditions by issuing in a range of tenors. -
The European Financial Stability Facility rounded off its 2019 funding programme on Tuesday, but some on-looking bankers remarked that the deal, though fully subscribed, did not reach the issuer's customary high levels of demand. Meanwhile, Erste Abwicklungsanstalt returned to the euro market for the first time since February 2018.
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SSA bankers expect the European Financial Stability to round off its funding programme next week with a tap of a bond in the long end.
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The short end of the euro curve is becoming the new sweet spot for public sector borrowers, according to SSA bankers, despite the deeply negative yields in these maturities. The European Stability Mechanism (ESM), Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) are all enjoying strong outings with three or five year tenors this week.
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The European Stability Mechanism completed its funding year with a blow-out €3.5bn five year bond on Tuesday, which paid a minimal new issue concession at the final spread.
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The European Stability Mechanism has chosen a five year tenor to kick off its funding for the fourth quarter. Meanwhile, a French public sector agency is out with its debut sustainable benchmark bond.
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The European Stability Mechanism will target the short end of the euro curve for its first outing of the fourth quarter, according to SSA bankers.
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Kommunalbanken has picked the banks to lead its first euro benchmark since 2017, while the European Stability Mechanism has sent out a request for proposals for its upcoming transaction.
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The European Financial Stability Facility (EFSF) and Municipality Finance drew plenty of interest in the short end of the euro curve on Thursday, with one of EFSF’s leads calling the three-year tenor the “perfect storm”.
