Search
The Board of Governors (composed of the 19 euro area finance ministers) holds its annual meeting in Luxembourg during which it approves the ESM Annual Report, submitted by the Managing Director. The ESM Annual Report includes a description of the policies and activities of the ESM; the ESM Financial Statements; the external auditor's report, and the Board of Auditors' report in respect of the ESM Financial Statements.
The result of the auction of 15 June 2021 for the 6-months Bills of the ESM was as follows:
Total Bids: € 11,621.00 mn
Competitive bids € 1,467.00 mn
Non-competitive bids € 10,154.00 mn
Allotment / Issue volume € 1,499.96 mn
Welcome and programme overview
Niall Bohan, Director, Asset, debt and financial risk management, Directorate General for Budget, European Commission Bertrand de Mazières, Director General Finance, European Investment Bank Kalin Anev Janse, Chief Financial Officer, European Stability Mechanism
Panel interview: High level policy dialogue on sustainable recovery
The European Stability Mechanism (ESM) will launch 6-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 1.5 billion is envisaged.
Time schedule of the auction procedure:
Date of invitation to bid: Monday, 14 June 2021
Bidding period: Tuesday, 15 June 2021, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 17 June 2021
The bond market is also more attractive for issuers than a decade ago. Today execution risk for SSA issuers has been reduced. Meanwhile, order books for SSA bond issues have mushroomed. Trust in Europe is higher among investors than a decade ago; the fear of a euro break-up is behind us and, unlike 10 years ago, and the European Central Bank (ECB) is now a regular buyer of bonds in the secondary market.
This paper develops a new empirical model to study macro-financial risks and shows that changing financial conditions can signal risks to the path of future economic growth.
Author: Martin Iseringhausen (ESM)
Abstract: