Commentary & Deal Flow

The European Stability Mechanism (ESM) exp Aa1/AAA/AAA US$ benchmark 144A/Reg S 5y due 9/10/25. CA-CIB (B&D)/GS/TD joint leads. 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 tomorrow (9/2). Settle 9/10. IPTs: MS+16 area.