February 26, 2013 / 2:41 PM / 4 years ago

EFSF to print EUR3bn 3yr bond, still short of Q1 target

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LONDON, Feb 26 (IFR) - The European Financial Stability Facility is set to price a EUR3bn three-year bond in line with guidance at mid-swaps minus 5bp later on Tuesday, said one bank managing the deal.

EFSF has stated that the transaction will be the Aa1/AA+/AAA rated rescue fund's last benchmark transaction of the first quarter, although it still leaves it around EUR500m short of its EUR16.5bn Q1 long-term funding target.

An aggressive sell-off in Europe's periphery following Italian elections was initially expected to dull appetite for the bonds, as Italy and Spain are the fund's third and fourth largest guarantors, respectively.

However, midway through bookbuilding on Tuesday leads Credit Suisse, JP Morgan and Morgan Stanley reported orders were well in excess of EUR3bn, allaying these initial fears.

The final book size is as yet unknown. (Reporting by John Geddie; Editing by Julian Baker)

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