ESM & EFSF Long-Term Funding
The EFSF started the year's funding on 20 January with a dual-tranche bond transaction raising €7 billion. The transaction comprised a €4 billion 10-year bond and a €3 billion long 3-year bond. The 10-year bond spread was fixed at mid-swaps plus 50 basis points, for a reoffer yield of 2.993% and the long 3-year spread was fixed at mid-swaps plus 19 basis points, for a reoffer yield of 2.553%. The combined orderbook of €56.9 billion, excluding joint lead manager interest, was the EFSF’s second largest combined order book on record.
The ESM followed on 17 February with a €2 billion 10-year bond. The bond achieved a strong order book in excess of €8.5 billion, excluding joint lead manager interest. The spread was fixed at mid-swaps plus 42 basis points, for a re-offer yield of 2.859%.
| Issuer | Type | ISIN code | Pricing date | Tenor/Maturity | Nominal amount | Coupon |
|---|---|---|---|---|---|---|
| ESM | New | EU000A1Z99W5 | 17/02/2025 | 10 year 26/02/2035 | €2.0bn | 2.750% |
| EFSF | New | EU000A2SCAS8 | 20/01/2025 | 10 year 29/01/2035 | €4.0bn | 2.875% |
| EFSF | New | EU000A2SCAR0 | 20/01/2025 | 3 year 27/07/2028 | €3.0bn | 2.5% |