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EFSF ISSUANCE: RFP Sent

EFSF ISSUANCE
BulletMarketsFixed Income Bullets

Today, EFSF, the European Financial Stability Facility, rated Aaa (Moody’s) / AA- (Fitch) / AA- (S&P), has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction, subject to market conditions.

  • We had written in our Issuance Deep Dive that we expected a dual-tranche EFSF syndication in January. There has been a dual-tranche transaction in early January each year since 2021 with the transactions gradually growing in size (E5.0bln in 2021, E5.5bln in 2022, E6.0bln in 2023 and E7.0bln in 2024). We see E6.0bln as the minimum transaction size with a larger transaction very possible.
  • We don't have a strong view regarding the bonds on offer, but we expect the transaction to take place on Monday or Tuesday next week.
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Today, EFSF, the European Financial Stability Facility, rated Aaa (Moody’s) / AA- (Fitch) / AA- (S&P), has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction, subject to market conditions.

  • We had written in our Issuance Deep Dive that we expected a dual-tranche EFSF syndication in January. There has been a dual-tranche transaction in early January each year since 2021 with the transactions gradually growing in size (E5.0bln in 2021, E5.5bln in 2022, E6.0bln in 2023 and E7.0bln in 2024). We see E6.0bln as the minimum transaction size with a larger transaction very possible.
  • We don't have a strong view regarding the bonds on offer, but we expect the transaction to take place on Monday or Tuesday next week.