ESM-EFSF
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Instituto de Crédito Oficial (Ico) was almost seven times covered for its four year Covid-19 social bond on Wednesday, as investors continue to support deals to tackle the pandemic. The European Stability Mechanism could follow with a similar maturity next week, after it sent banks a request for proposals (RFP). -
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, May 4. The source for secondary trading levels is ICE Data Services.
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The European Financial Stability Facility received plenty of demand for an intraday dual tranche bond sale to complete its funding for the period from April to June with its first issuance window of the second quarter.
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This week's funding scorecard looks at the progress of Europe's supranationals and agencies in early April.
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The European Stability Mechanism has added a new 12-month bill programme for the second quarter as it looks to manage its collateral requirements amid volatility in rates. ESM and the European Financial Stability Facility have also set out their issuance windows for benchmark deals in April to June.
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‘Corona bonds’ have been talked up so much that the EU risks underwhelming the market by failing to act. It has become a question of political solidarity within the region, not simply one of debt management.
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The Eurogroup made no progress towards creating a common EU debt instrument on Tuesday night, but member states will be able to fund their responses to the coronavirus crisis through a new credit line with the European Stability Mechanism.
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Could EU member states finally come together to issue a common debt instrument? In this article, GlobalCapital takes a look at the key issues.
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Eurozone government bond yields jumped higher early on Wednesday morning, unmoved by reports of a potential breakthrough for the issuance of common EU debt instruments. The European Central Bank is suspected to have stepped in to try and control the situation, with spreads to Bunds having moved to their widest points for a year or more.
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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 business on Monday, March 16. The source for secondary trading levels is ICE Data Services.
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Market participants are debating whether the EU is responding quickly and strongly enough in the coronavirus crisis, after the bloc put off the question of how to involve the European Stability Mechanism on Monday evening.
