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ESM taps October 2019 bond for €2 billion

Press releases

Luxembourg – The European Stability Mechanism (ESM) conducted today a €2 billion tap of a €3 billion bond issued on 7 May 2014 with a coupon of 0.875%, maturing on 15 October 2019. This tap brings the total size of the issue to €5 billion. 

The issuance spread at reoffer was fixed at mid swap minus 16 basis points. This implies a reoffer yield for investors of 0.17%. Deutsche Bank, Morgan Stanley and Nomura acted as lead managers for the tap. The transaction attracted strong demand from investors worldwide.

Christophe Frankel, CFO and Deputy Managing Director said: “Today’s transaction was prompted by feedback from our investors, who indicated interest in the 4-5 year maturity range. The successful tapping of the October 2019 bond allowed us to satisfy this demand and support liquidity in the outstanding curve.”


Cédric Crelo
Head of Communications and Chief Spokesperson
+352 260 962 205

Anabela Reis
Deputy Head of Communications and Deputy Chief Spokesperson
+352 260 962 551

George Matlock
Senior Financial Spokesperson
+352 260 962 232

Juliana Dahl
Principal Speechwriter and Principal Spokesperson
+352 260 962 654