ESM set to issue EUR7bn five-year bond on debut
LONDON, Oct 8 (IFR) - The European Stability Mechanism, rated Aa1/AAA by Moody's and Fitch, is set to debut in bond markets with a EUR7bn five-year bond after receiving over EUR15bn of orders, a bank managing the deal said on Tuesday.
The final spread has been set at mid-swaps minus 1bp, the tight end of guidance at mid-swaps flat/minus 1bp, from initial price thoughts on Monday of mid-swaps plus 1bp area.
Books will close at 0745GMT, for pricing shortly after via lead managers HSBC, JP Morgan and SGCIB. (Reporting by John Geddie, editing by Julian Baker)
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