The European Financial Stability Facility (EFSF), the EU's financial arm that aims to support Eurozone countries in distress, is to issue its first loan this year, to help Ireland and Portugal honour their obligations.

The issue is three-year bonds of a nominal value of €3 billion – reports suggest that its guidance price is now being estimated at the mid-swaps level, plus 40 basic units. EFSF carries a triple-A grading from all three major rating agencies, Moody's, Sta...

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