ESM-EFSF
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The European Financial Stability Facility (EFSF) is preparing its first benchmark of the fourth quarter and Ireland has picked the banks to lead the first tap of its sovereign green bond. -
The European Financial Stability Facility is likely to issue a new bond in the middle of the euro curve for its first outing of the fourth quarter, according to SSA DCM bankers.
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The European Stability Mechanism will switch the legal framework of all its future euro bonds and bills from English to Luxembourg law, a move triggered by the UK’s impending withdrawal from the European Union.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies as we approach the end of the third quarter.
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SSA issuers of dollar bonds were able to push harder on spread than they have in recent weeks on Wednesday, surprising syndicate bankers away from the deals.
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The dollar SSA market burst into life on Tuesday, but some bankers say that the tight spreads and low yields on offer mean there is little guarantee any of the trades will be easy.
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The European Financial Stability Facility (EFSF) tapped a euro bond in the short end through an auction on Wednesday to conclude its funding for the third quarter. SSA bankers called it a “sensible approach”, due to challenging conditions and the supranational and its sister issuer, the European Stability Mechanism (ESM), having little left to raise until the end of September.
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The European Stability Mechanism is expected to use its scheduled funding window next week to issue a dollar bond after it did not send out a request for proposals for a euro deal as it usually does, according to market participants.
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This week's funding scorecard looks at the progress that Europe's supranationals and agencies have made in their funding programmes by the mid-point of August.
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The European Stability Mechanism has reorganised its senior management team with a series of internal appointments and reshuffles.
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This week saw barnstorming trades from Italy and the European Financial Stability Fund (EFSF) in euros with the long end of the curve proving to be the strong end, and now rumours are swirling around the prospect of a Greek sovereign deal.
