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Kalin, talk us through how ESM’s funding programme has developed and what you learned during the course of the year?

The European Stability Mechanism (ESM) will launch 6-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, 20 January 2025 
Bidding period: Tuesday, 21 January 2025, from 08:00 am until 12:30 pm CET
Value date: Thursday, 23 January 2025
 

Today, EFSF, the European Financial Stability Facility, rated Aaa (Moody’s) / AA- (Fitch) / AA- (S&P), has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction, subject to market conditions.

Title: The distributional implications of the euro area crisis: Evidence from macroeconomic adjustment in Greece and Portugal

Summary: The paper explores the distributional effects of economic crises and the resulting economic adjustments on household income in Greece and Portugal.  

Authors: Misina Cato (ESM), Olga Francova (ESM), Valentin Lang (University of Mannheim)

GlobalCapital: SSA bond spreads have widened all year, and there seems little on the horizon that will reverse that trend, especially with the political situation in Germany developing as it is and the rates picture in euros. How will this trend alter your approach to issuing debt in the year ahead?  

HSBC Global Investment Summit | Global Banking and Markets