CORRECTED-ESM sets guidance on 7-year euro bond
(Corrects to show previous bond sales were in 2013)
By Josie Cox
LONDON, Feb 25 (IFR) - The European Stability Mechanism, rated Aa1/AAA by Moody's/Fitch, on Tuesday opened books on its first benchmark bond of the year, setting guidance on the seven-year euro benchmark offering in the mid-swaps plus 8bp area.
The ESM announced on Monday it had hired Credit Agricole, Goldman Sachs and SG CIB to manage the sale of the transaction, which will be its third debt issue since inception following five- and 10-year bond sales in 2013.
Initial price thoughts for the new issue, due to mature in March 2021, were set in the mid-swaps plus 9bp area on Monday, equivalent to a yield of just over 1.50%. (Reporting by Josie Cox; editing by Alex Chambers)
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