ESM-EFSF
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Greece and the European Stability Mechanism will reinvigorate the euro public sector market next week with benchmark bonds in the short to mid part of the curve, according to bankers. -
The European Stability Mechanism (ESM) is likely aim for the short to middle part of the euro curve for its first benchmark bond of the second quarter, according to SSA bankers.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies at the end of April.
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In the wake of changing trading patterns, the European Stability Mechanism and the European Financial Stability Facility have developed methods to keep their bond issues liquid. In this way, the issuers hope they will be more attractive to traditional government bond investors.
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Public sector borrowers are taking advantage of the European Central Bank’s accommodative stance on rates by issuing bonds at the long end of the euro curve.
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The European Stability Mechanism is spearheading a plan to create a new digital platform for launching public sector bonds in euros. The system, which ESM wants to launch in 2020, is named the European Distribution of Debt Instruments (EDDI). It could end up replacing some of the functions of investment banks and clearing houses.
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Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.
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The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.
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Another barnstorming week for sovereign, supranational and agency bond issuance has got market participants wondering how long the lively activity can last.
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The European Stability Mechanism is interested in developing a primary bond issuance platform for the euro public sector market. It argues that such a platform would create a more liquid market and contribute to the advancement of the EU's Capital Markets Union.
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With yields compressed in the short end, bank treasuries are moving further along the SSA curve for bigger returns, creating a sweet spot in the 15-20 year segment.
