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LONDON,Aug 1 (IFR) - The EFSF's total borrowing requirements for the remainder of 2011 will rise to EUR65.1bn,according to a research note published today by Barclays.Issuance for the rest of the year had previously been expected at EUR19bn.
The Barclays report reviews the background document released by the European Commission last Wednesday on the IIF offer and Greek debt buy-back scheme,providing an analysis of the sovereign's needs over the new finance period to mid-2014 and an estimate of how the proposals might affect future EFSF issuance.
The new programme's official financing totals EUR109bn,of which EUR28bn is anticipated privatisation receipts with an EU/IMF contribution of EUR81bn - split as yet unknown,although the IMF portion is estimated by Barclays to be EUR15bn,a lesser proportion than with the first Greek loan.
That leaves the EFSF's portion of the new financing at EUR66bn,split EUR31bn as market issuance and EUR35bn of zero coupon bonds for collateral.
Factoring in the likelihood of the EFSF handling some part of the remaining EU portion of the bilateral loans from the first package,the EUR65.1bn Barclays estimate includes amounts to be raised for distribution to Ireland and Portugal and excludes the EUR35bn of issuance for credit enhancements,although the report notes further that if bank recapitalisation money is paid other than in cash and the new EFSF structure is approved by various national parliaments then the figure could turn out to be as low as EUR35bn to EUR40bn.
Year-to-date EFSF issuance currently totals EUR13bn,EUR5bn of that from a debut EUR5bn 5yr launched in January,and EUR5bn and EUR3bn 5yr and 10yr deals following in June.
LONDON,Aug 1 (IFR) - The EFSF's total borrowing requirements for the remainder of 2011 will rise to EUR65.1bn,according to a research note published today by Barclays.Issuance for the rest of the year had previously been expected at EUR19bn.
The Barclays report reviews the background document released by the European Commission last Wednesday on the IIF offer and Greek debt buy-back scheme,providing an analysis of the sovereign's needs over the new finance period to mid-2014 and an estimate of how the proposals might affect future EFSF issuance.
The new programme's official financing totals EUR109bn,of which EUR28bn is anticipated privatisation receipts with an EU/IMF contribution of EUR81bn - split as yet unknown,although the IMF portion is estimated by Barclays to be EUR15bn,a lesser proportion than with the first Greek loan.
That leaves the EFSF's portion of the new financing at EUR66bn,split EUR31bn as market issuance and EUR35bn of zero coupon bonds for collateral.
Factoring in the likelihood of the EFSF handling some part of the remaining EU portion of the bilateral loans from the first package,the EUR65.1bn Barclays estimate includes amounts to be raised for distribution to Ireland and Portugal and excludes the EUR35bn of issuance for credit enhancements,although the report notes further that if bank recapitalisation money is paid other than in cash and the new EFSF structure is approved by various national parliaments then the figure could turn out to be as low as EUR35bn to EUR40bn.
Year-to-date EFSF issuance currently totals EUR13bn,EUR5bn of that from a debut EUR5bn 5yr launched in January,and EUR5bn and EUR3bn 5yr and 10yr deals following in June.
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