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Dual-tranche: 5/15-year: Allocations out

EFSF ISSUANCE

New 5-year

  • HR 111% vs 0.25% Feb-29 Bund
  • Tranche Size: E5bln (MNI had expected E4-5bln)
  • Books closed in excess of E23.8bln (ex JLM interest)
  • Spread set earlier at MS+11bps (guidance was MS+13 bps area)
  • Coupon: Fixed, ACT/ACT ICMA, Short 1st
  • Maturity: 16 July 2029
  • ISIN: EU000A2SCAM1

15-year (3.375% Aug-38)

  • HR 109% vs 1.00% May-38 Bund
  • Size: E2bln (WNG)
  • Books in excess of E19.7bln (ex JLM interest)
  • Spread set earlier at MS+46bps (guidance was MS+48 bps area)
  • ISIN: EU000A2SCAK5 (immediately fungible)

For both:

  • Settlement: 15 January 2024 (T+5)
  • Bookrunners: BNP, BofA, J.P. Morgan (DM/B&D)
  • Timing: Hedge headline 13:25GMT / 14:25CET

From market source

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