ESM-EFSF
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Deal gives hope to other SSAs eyeing the market this week as jitters return -
Issuers put weight on secondary performance as a marker of what makes a good deal as volatility rips through markets
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Issuer draws smallest demand in years despite Moody’s upgrade this week
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BTP-Bund spread soars, leading some to wonder when ECB will step in
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Issuer draws demand of more than six times deal size for its June 2027s
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Investors becoming pickier in the final days of pandemic era quantitative easing
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Bankers expect sovereigns to take advantage of run of good news
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Issuer sees little negative impact after ending tradition of publishing issuance windows
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Emergency lender says it needs to be adaptable to market conditions
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The funding team of the European Stability Mechanism has launched its first physical roadshow to meet investors in person for 18 months, making the supranational agency one of the first, if not the first, to officially revive the concept since the Covid-19 crisis began.
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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 busiess on Monday, July 12. The source for secondary trading levels is ICE Data Services
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See the progress Europe's supranationals and agencies have made in their funding programmes as we start the third quarter.
