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ESM set for SSA shopping spree

will have a major role in primary transactions and in the canada goose factory outlet toronto location secondary market, especially in Q4 when over 40% of its paid in capital will have to be invested, said Ioannis Rallis, vice president, European SSA DCM at JP Morgan.The handover from the EFSF to the ESM has been orchestrated to allow the new entity some breathing space during its first months.Its canada goose outlet in new york predecessor, the EFSF, will remain active in financing programmes canada goose outlet vip that started before the ESM became operational, and may also engage in new programmes during a transitional period up to the end of June 2013 in order to ensure the ESM full fresh lending capacity of EUR500bn.The EFSF will also temporarily take charge of the EUR100bn committed for the recapitalisation of Spanish banks.The ESM may, therefore, find itself at a bit of a canada goose outlet edmonton loose end until the middle of next year, focusing instead on its investment strategy.Rallis at JP canada goose outlet store uk Morgan, who participated in a call between investors and EFSF/ESM officials on Tuesday, said: funds will mainly be invested in highly rated, liquid euro denominated SSA securities, which we expect mainly to be Bunds, OATs and some KfW, EIB bonds.INVESTMENT STRATEGY Once its capital is fully paid in, the investment arm of the ESM will have a minimum of EUR75bn to be invested in highly rated assets in the SSA sector.Its draft investment guidelines state that some canada goose outlet store calgary of the capital will be invested canada goose outlet authentic into short term, money canada goose jacket outlet uk market assets under one year, while a second tranche will focus canada goose outlet new york city on medium to long term debt geared to straight from the source capital preservation over three years.There has canada goose outlet paypal been no further clarity on whether this means the maximum maturity of assets ESM can invest in is three years. The ESM could not be immediately reached for comment.This lack of detail means some market participants remain sceptical over the positive canada goose outlet in uk impact ESM investments could have, especially canada goose outlet reviews in the agency canada goose uk space.we get a canada goose parka outlet uk feel for what maturity preferences they will be going for, how canada goose outlet las vegas quickly they deploy cash on investment, and how quickly they may need to disburse on the lending side, I think it is premature to assess its impact, said one syndicate official.with agency and supranational debt, they will be mindful of the liquidity of these products, so I would have thought a lot ends up in government paper canada goose jacket outlet and short dated T bills, he added.The fact that the ESM is scheduled to be active in capital markets at the same canada goose jacket outlet store time as its predecessor EFSF has also raised concerns about the possibility of crowding out in the agency and supranational space.may see canada goose factory outlet vancouver some near term gain but it is offset by the fact that there will be lot of issuance that will come out of ESM chasing the same orders that EIB and KfW otherwise would be, concluded the syndicate official.CAPITAL PRESERVATION Paid in capital, defined as loss absorbing capital only, will be topped up by a further EUR32bn in mid 2013 canada goose outlet in vancouver and a final instalment of EUR16bn in 2014 to reach its full canada goose outlet winnipeg address amount of EUR80bn.As conveyed to investors by the ESM managing director in waiting, Klaus Regling, the new intergovernmental institution paid in canada goose outlet mississauga capital cannot drop below EUR75bn (15% of the lending capacity of the ESM). In the event that it does, the ESM can make a proposal for a capital call to its Board of Directors made up of representatives from its member states.Simple majority of the Board of Directors is required to agree to call in capital under these circumstances, Regling told investors.He added that in the event one ESM member fails to meet the capital call, other ESM members would have to increase their contributions on a pro rata basis. (Reporting By John Geddie; Editing by Helene Durand, Alex Chambers and Julian Baker).

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