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/ESM. The ESM has approved Spain's E5bln.......>

EFSF
EFSF: /ESM. The ESM has approved Spain's E5bln early repayment of a loan and so
ESM reduced its 2018 funding need by the same amount. Anne Karina Asbjorn at
Nomura asks whether more repayments to the ESM are likely?
- Asbjorn notes that the two Spanish repayments in 2017 were not announced
simultaneously "Thus, we cannot rule out another announcement of early
repayments this year". Also Spain's loans from the ESM carry a 1.2% yield but a
7Y SPGB is 0.87%, so if "yields remain at current levels the probability of more
early repayments would increase"

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