ESM-EFSF
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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. -
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.
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The European Financial Stability Facility’s latest long end bond market outing means it now has the flexibility within its issuance strategy to print the rest of its third quarter funding needs anywhere along its curve, the borrower’s head of funding said.
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Investors piled into euro trades from Italy and the European Financial Stability Facility on Tuesday, with around €25.5bn of demand for the names as more issuers line up.
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Sovereign, supranational and agency borrowers have started the week with a bang, and syndicate bankers say they do not expect any slowdown of issuance in the coming days.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies as we enter the start of the third quarter.
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SSA bankers expect the European Financial Stability Facility (EFSF) to take advantage of a compression in yields to lock in cheap funding at the long end of the curve with its first benchmark of the third quarter.
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The European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) will raise a combined €6bn between July and September this year, they said this week, when announcing their funding volumes and issuance windows for the third quarter.
