Commentary & Deal Flow

The European Stability Mechanism (ESM) exp Aaa/AAA/AAA US$2bn (no grow) 144A/Reg S 5y FXD sr notes due 9/4/30. CA-CIB (B&D)/DB/JPM joint leads. Denoms: 200,000 x 1,000. Listing Luxembourg. English Law. FCA/ICMA stabilisation. The manufacturer target markets (MIFID II product governance) as assessed by the lead managers are eligible counterparties and professional clients (all distribution channels). Pricing 8/27. Settle 9/4.

IPTs: SOFR MS+42 area.

GUIDANCE: SOFR MS+40 area.

LAUNCHED: $2bn 5y at SOFR MS+39.