Crédit Agricole, Morgan Stanley and UniCredit appointed lead manager for EFSF’s bond

The European Financial Stability Facility (EFSF) has appointed Crédit Agricole CIB, Morgan Stanley and UniCredit as joint lead managers for its 5-year benchmark bond.

The three institutions were selected from the banks that comprise the EFSF Market Group.

“The bond is due to be launched in the near future, subject to market conditions,” EFSF said.

The European Financial Stability Facility was created by eurozone countries to preserve financial stability of Europe’s monetary union by providing temporary financial assistance to euro area member states if needed.

On June 24, EU autorities agreed to increase EFSF’s scope of activity and increase its guarantee commitments from €440bn to €780bn which corresponds to a lending capacity of €440bn.

To fulfil its mandate, the EFSF is authorised to issue bonds or other debt instruments on the market to raise the funds needed to provide loans to countries in financial difficulties; intervene in the debt primary market; intervene in the debt secondary markets; act on the basis of a precautionary programme; finance recapitalisations of financial institutions through loans to governments including in non-programme countries

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