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Commentary & Deal Flow

by Oleksandr Vynychuk

Jul 08, 2026 5:02 AM ET

UPDATE: European Financial Stability Facility € bmk 4yr Sr Unsec; Spread set at MS+9bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
European Financial Stability Facility	4yr	10-Jul-30	€ bmk	Sr Unsec	Fixed	EU000A2SCAJ7	MS+10a	MS+9

Spread set at: 4yr: MS+9bp - Books >€4.3bn (incl €500m JLM)
Guidance: 4yr: MS+10a

Issuer: European Financial Stability Facility (EFSF)
Ratings: Aaa/A+/A+ (Moody's/S&P/Fitch)
Risk Weighting: 0%
Format: Reg S / Bearer Notes (TEFRA rules apply, no communications with or into the U.S.)
Size: € Benchmark (Tap of existing EU000A2SCAJ7, current o/s €3bn)
Spread Set: MS+9bps
Coupon: 3.000% (5 days accrued)
Settlement: 15-Jul-26
Maturity: 10-Jul-30
ISIN: EU000A2SCAJ7 (immediately fungible)
Bookrunners: DZ, NatWest (DM/B&D), Nomura
Listing: Luxembourg Stock Exchange’s regulated market
Governing Law: English
Docs: Off the EFSF Debt Issuance Programme
Denominations: €1,000
Target Market: Professionals / Eligible Counterparties only (all distribution channels), each as defined in MiFID II
Advertisement: The Final Terms, when published, will be available on the website of the Luxembourg stock exchange
Timing: Books open, today's business. Books close at 11.30 CET / 10.30 LDN.