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Greece emerged from the past debt crisis more resilient. It conducted a number of reforms, including making the public administration more efficient, simplifying licensing, streamlining procedures, and facilitating trade. As a result, the Greek economy was structurally more resilient at the start of the pandemic than it was prior to the sovereign debt crisis. Past consolidation efforts, though quite painful, enabled the country to enter the pandemic with a very healthy budgetary position.

We have created a single cloud-based banking ecosystem that enables end-to-end workflow for our trades and position keeping, linking eight critical ESM functions covering the whole trade lifecycle. The system optimises time, eliminates paperwork, and reduces operational risk regardless of differing roles and complexities of the tasks.

European Union (EU) policymakers have recognised the strategic importance of the topic, placing it high on the agenda of the upcoming March Euro summit. In addition, the European Commission has highlighted the need for more geo-political financial sovereignty. We contributed to the debate with a recently published discussion paper that takes a closer look at global financial developments.

Governments, enterprises, and investors are increasingly conscious of the sustainability risks our economies and societies face. While the Covid-19 pandemic poses a grave short-term risk, climate change presents the most severe long-term challenge.

(Luxembourg) - The European Stability Mechanism completed its first quarter funding needs on Monday, raising the full €2 billion it had targeted.

The ESM issued a new 0% 15 December 2026 bond. The spread was fixed at mid-swaps minus 11 basis points, for a reoffer yield of -0.365%. The final order book was in excess of €12.2 billion, excluding joint lead manager interest.

The joint lead managers were BNP Paribas, Citi and HSBC.

(Luxembourg) - The European Financial Stability Facility (EFSF) raised €4 billion on Monday with a new long 5-year bond issue, as it opened its €7 billion second quarter funding programme.

The EFSF issued €4 billion of 0% bond maturing on 20 July 2026. The spread was fixed at mid-swaps minus 10 basis points, for a reoffer yield of -0.405%.

(Luxembourg) - The European Stability Mechanism (ESM) raised €2 billion on Monday with a new long 10-year bond issue, completing its second quarter funding needs.

The ESM issued €2 billion of the 0.01% bond maturing on 15 October 2031. The spread was fixed at mid-swaps minus 10 basis points, for a reoffer yield of 0.029%.

The order book was over €12 billion, excluding joint lead manager interest.

(Luxembourg) - The European Financial Stability Facility (EFSF) today conducted a tap of its 0% bond maturing on 15 October 2025 through an auction, raising nearly €1 billion towards its €7 billion second quarter funding needs with the transaction.

The deal raised €998.30 million, bringing the total outstanding size of the bond to €4,998.30 million.

(Luxembourg) - The European Financial Stability Facility (EFSF) raised €2.5 billion on Monday with a tap sale of an April 2024 bond, as it completed its €7 billion second quarter funding target.

The EFSF bond sale takes the outstanding issue of 0% 19 April 2024 paper to €5.5 billion. The spread was fixed at mid-swaps minus 6 basis points, for a reoffer yield of -0.479%.

The order book was in excess of €9.4 billion, excluding joint lead manager interest.

(Luxembourg) - The ESM has appointed Cédric Crelo to the position of Head of Communications and Chief Spokesperson as of 1 September 2021.