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The result of the auction of 10 August 2021 for the 12-months Bills of the ESM was as follows:

Total Bids € 10,580.00 mn
Competitive bids € 1,825.00 mn
Non-competitive bids € 8,755.00 mn
Allotment / Issue volume € 1,099.85 mn

The European Stability Mechanism (ESM) will launch 12-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 1.1 billion is envisaged.
 

Time schedule of the auction procedure:
Date of invitation to bid: Monday, 9 August 2021
Bidding period: Tuesday, 10 August 2021, from 8:00 a.m. until 12:30 p.m. CET 
Value date: Thursday, 12 August 2021

The Leibniz Institute for Financial Research – Sustainable Architecture for Finance in Europe (SAFE) – and the European Stability Mechanism (ESM) will hold a high-level webinar on relaunching the EU’s

The result of the auction of 3 August 2021 for the 3-months Bills of the ESM was as follows:
Total Bids € 13,990.00 mn
Competitive bids € 2,236.00 mn
Non-competitive bids € 11,754.00 mn
Allotment / Issue volume € 1,499.32 mn

There were no changes to ESM (AAA) and EFSF (AA) rating triggers. ESM’s AAA rating is based on Fitch conservative medium-term scenario under which the ESM uses its full lending capacity of EUR500bn to provide financial support to euro area sovereigns (EUR432bn) and a credit line to the Single Resolution Fund (EUR68bn). Please note that the EFSF rating does not have an outlook.

 

The European Stability Mechanism (ESM) will launch 3-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 1.5 billion is envisaged.

Time schedule of the auction procedure:
Date of invitation to bid: Monday, 2 August 2021
Bidding period: Tuesday, 3 August 2021, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 5 August 2021

During the coronavirus pandemic, euro area household savings – income not used for consumption – rose to unprecedented levels, as was the case in many industrial countries. In 2020, the annual savings ratio in the euro area, household savings[1] as a fraction of their disposable income, increased by around 7 percentage points (pp) to about 20% of disposable income. This corresponds to about €1,400 billion in savings, or the equivalent of around 12% of 2019 euro area GDP.

Michael Kühl joined the ESM in January 2021 as a Senior Economist in the Economic and Market Analysis Division. He mainly covers euro area topics but also monitors developments in member states.
 
Prior to the ESM, Michael worked more than ten years in central banking. Before joining the ESM, he worked as a Senior Economist in the Forecasting and Policy Modelling Division at the ECB. He also worked several years at Deutsche Bundesbank in the Capital Markets Division of the Directorate General Economics.