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Ta Nea: The ESM was born out of the euro debt crisis. If you look back at the genesis of the ESM, how critical was the situation at the beginning of the last decade?

Κε Ρέγκλινγκ, ο ΕΜΣ γεννήθηκε μέσα από την ευρωκρίση. Αν κοιτάξετε πίσω στη γένεσή του, πόσο κρίσιμη ήταν η κατάσταση στις αρχές της περασμένης δεκαετίας;

Title: Investor demand in syndicated bond issuances: stylised facts

This paper analyses investor demand dynamics in primary bond markets, looking at different market segments, investor types, pricing impact, and demand overshooting.

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Good afternoon,

I warmly welcome you to this event, which represents the ESM’s contribution to the Conference on the Future of Europe. 

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Risk-sharing in the euro area

(Luxembourg) - The European Financial Stability Facility (EFSF) raised €5.5 billion towards its €19.5 billion funding needs in 2022 with two new bonds issued on Monday, and attracted a combined order book in excess of €30 billion.

Opening its 2022 funding, the transaction was the first dual tranche issue since January 2021.

The EFSF raised €3 billion in a new 8-year 0.125% bond, maturing on 18 March 2030. The spread was fixed at mid-swaps minus 14 basis points, for a reoffer yield of 0.149%. The order book was €19 billion, excluding joint lead manager interest.

Ta Nea: The architecture of the euro area was basically built on two main pillars, fiscal sustainability, and price stability. Twenty years after the introduction of the common currency, what developments stand out, which you think played a significant role in shaping the Eurozone and its ability to face new challenges?

Kathimerini: Were you surprised by the strength of the recovery of the Greek economy in 2021? What could derail it in 2022?