POLAND: FinMin Flags Inbound Additional Fiscal Consolidation Measures
Oct-01 07:22
* Finance Minister Andrzej Domaski told PAP that the government will take additional steps to redu...
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MNI: SPAIN AUG MANUF PMI 54.3 (52.1 FCAST, 51.9 JUL)
Sep-01 07:15
- MNI: SPAIN AUG MANUF PMI 54.3 (52.1 FCAST, 51.9 JUL)
EURIBOR OPTIONS: Large Call Spread
Sep-01 07:13
ERM6 98.3125/98.4375, bought for 2.5 in 15k.
EFSF ISSUANCE: Apr-29 / Feb-34 Tap Dual Tranche: Guidance
Sep-01 07:12
Apr-29 tap:
- Guidance: MS+10bps area
- Coupon: 3.500% (150 days accrued), Annual ACT/ACT
- Maturity: 11 April 2029
- ISIN: EU000A2SCAL3
Feb-34 tap:
- MS+34bps area
- Coupon: 2.875% (207 days accrued), Annual ACT/ACT
- Maturity: 13 February 2034
- ISIN: EU000A2SCAN9
Across both tranches:
- Size: E3.5bln maximum combined
- Settlement: 8 September 2025 (T+5)
- Bookrunners: LBBW / NOMURA (DM/B&D) / TD
- Denoms: EUR 1,000 x 1,000
- Target market: Professionals / Eligible Counterparties only (all distribution channels), each as defined in MiFID II
- Issuer: European Financial Stability Facility (EFSF)
- Ratings: Aaa (stable) / AA- (stable) / AA-
- Risk Weighting: 0%
- Format: RegS / Bearer Notes (TEFRA rules apply, no communications with or into the U.S.)
- Timing: Books open, today's business
The EFSF sent an RFP (Request for Proposal) last Wednesday regarding an upcoming transaction. That meant a transaction was likely this week, MNI pencilled in today or tomorrow. We had initially expected an EFSF transaction in either late August or by mid-September (September had looked likely after the ESM RfP was released on Wednesday 20 August). On size, E3bln seemed like the most likely option to us for today's transaction. The transaction concludes issuance for the EFSF this year.
