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Previously, the euro rescue fund, rated Aa1/AA+/AAA, had set the final spread at mid-swaps plus 9bp, while brokers were already offering the bonds 6 cents higher in the grey market.
The transaction is due to price later in the afternoon via BNP Paribas, Goldman Sachs International and HSBC and will substantially reduce the fund's second quarter funding target of EUR16.5bn.
It will also make a significant dent in its EUR58bn full-year funding target.