April 9, 2013 / 7:28 AM / 4 years ago

EFSF gathers EUR4bn book on new five-year -lead

LONDON, April 9 (IFR) - The European Financial Stability Facility on Tuesday opened books on a new five-year euro-denominated bond at an initial spread of mid-swaps plus 10-12bp, for pricing later in the day.

Shortly after 0810GMT, a banker on the deal confirmed that indications of interest for the bond, that remains part-guaranteed by bailed-out Cyprus, had already reached EUR4bn.

The euro rescue fund, rated Aa1/AA+/AAA, said in an emailed statement on Monday that it has received a request from Cyprus to step out as a guarantor, but added that this required the approval of the remaining guarantors, who are not set to meet until April 25.

BNP Paribas, Goldman Sachs International and HSBC are acting as bookrunners on the transaction, which is slated to be benchmark in size.

The EFSF has raised EUR17bn in the year to date, via three-, five- and seven-year benchmark issues and taps of three-, 10- and 25-year bonds.

It has a funding programme of EUR58bn in 2013, with a Q2 funding target of EUR16.5bn. (Reporting by John Geddie; editing by Alex Chambers)

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