ESM-EFSF

The European Financial Stability Facility kicked off its third quarter funding in style as it raised 80% of its borrowing needs for the quarter flat to its sister issuer’s curve. Elsewhere in the euro market on Tuesday, Cyprus saw decent demand as it tapped its 2024s and 2040s.

Cyprus will return to the market with a pair of taps on Tuesday, hitting screens alongside the European Financial Stability Facility’s new five year line, providing an excellent opportunity to compare Cyprus’s cost of funds with the cost of the European Stability Mechanism’s pandemic crisis support facility.

The European Stability Mechanism is ready to issue social bonds to fund its pandemic crisis support to euro area member states, following the publication of its framework on Thursday. The supranational borrower and its sister issuer, the European Financial Stability Facility, have also set out their funding windows for the third quarter.

This week's funding scorecard looks at the progress of Europe's supranationals and agencies towards the end of June.

Slovakia will not be making use of the European Stability Mechanism’s pandemic crisis support lines, because of concerns that investors would look negatively on the decision.

The Council of Europe Development Bank has recruited a new member to its funding team with an appointment from fellow supranational borrower, the European Stability Mechanism.

The European Stability Mechanism has decided to proceed with its plans of issuing social bonds to fund its pandemic crisis support package with a framework being developed tied to the International Capital Market Association’s Social Bond Principles.

Cyprus may become the first country to access the ESM’s pandemic support line, borrowing 2% of its GDP for up to 10 years.

The European Stability Mechanism is looking at creating a socially responsible bond framework to fund its pandemic crisis package of credit lines to support euro area member states in the financing costs related to the Covid-19 crisis.

This week's funding scorecard looks at the progress of Europe's supranationals and agencies in the middle of May.

Rating: Aa1/—/AAA

Eurofima, the supranational institution that finances European rolling stock, is planning to bring a euro green bond with a 10 year maturity. The European Stability Mechanism kicked off the euro supranational bond market this week with a €1.5bn tap on Monday to complete its benchmark funding needs for the quarter.