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HSBC, Morgan Stanley and Natixis acted as lead managers for this issue, and Deutsche Finanzagentur acted as Issuance Agent. This first seven-year bond by the EFSF was met with strong demand given the negative market backdrop. In particular, strong support came from Asia and the central bank and sovereign wealth fund segment.
Christophe Frankel, Deputy CEO and CFO, stated: “I am very happy with today’s result as it demonstrates the strong investor interest in the EFSF name, irrespective of market conditions. EFSF will continue to build its yield curve throughout the year in order to provide investors with a full investment range.”
The funds raised will be used to support the financial assistance programmes for Ireland, Portugal and Greece. In November 2011, EFSF adopted a new diversified funding strategy. One consequence of this strategy is that funds are no longer attributed to a particular country. The funds are pooled and then disbursed to the programme countries.