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EU EFSM 15y syndication preview

EUROZONE ISSUANCE
  • The EU will come to the market in the "near future" (likely tomorrow) to sell E4.75bln of new Apr-36 bonds for its EFSM programme.
  • As we noted in our Deep Dive monthly publication, we had expected this transaction to take place in April ahead of the E4.75bln redemption of the loan to Portugal that matures on 4 June. The EU had previously said that it would roll this "several weeks ahead of the due date."
  • This will be the first large syndication of a notable size from the EU since the SURE programme was launched. Note that the investor base for the EFSM programme could be different as the SURE bonds count as social financing.
  • Even so, we would still expect very strong demand, and note the current preference for debt offices to issue at the 15-year point of the curve.
  • JLMs: Credit Agricole CIB, DekaBank, J.P. Morgan and UniCredit.
  • Timing: Using the past few EU SURE transactions as a guide, we have seen books open 7:50-8:00, books close at 9:30 with pricing between 15:20-16:30 (all times UK).
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