February 25, 2014 / 9:02 AM / 3 years ago

ESM fixes spread on seven-year bond at mid-swaps plus 7bp

LONDON, Feb 25 (IFR) - The European Stability Mechanism, rated Aa1/AAA by Moody's/Fitch, has set the spread on its seven-year euro benchmark at mid-swaps plus 7bp, supported by orders of more than EUR6.5bn, one banker involved said on Tuesday.

Earlier in the session, the ESM set guidance on its first benchmark bond of the year at mid-swaps plus 8bp area, after initial price thoughts on Monday afternoon at 9bp area.

Credit Agricole, Goldman Sachs and Societe Generale CIB are managing the sale, which is ESM's third debt issue since inception following five- and 10-year bond sales in 2013. (Reporting By Josie Cox, editing by Julian Baker)

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