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The result of the auction of 18 May 2021 for the 6-months Bills of the ESM was as follows:
Total Bids: €10,443.00mn
Competitive bids €1,901.00mn
Non-competitive bids €8,542.00mn
Allotment / Issue volume €1,499.42mn
The European Stability Mechanism (ESM) will participate with an introductory Keynote speech in the Roundtable discussion on Social Bonds organised by ICMA this Friday 21st May.
Join us in the dialogue between issuers, investors and major Stakeholders who will discuss the main developments in the Social Bond market, its challenges for issuers and the expectations of investors.
This paper shows that fiscal policies seeking to stimulate long-run economic activity lead to higher stock prices
Authors: Haroon Mumtaz (Queen Mary University) and Konstantinos Theodoridis (ESM)
Abstract:
The European Financial Stability Facility (EFSF) will reopen the 0% Bond of the EFSF launched on 7 July 2020 and maturing on 15 October 2025 on 19 May 2021, using an auction procedure. An increase up to EUR 1 billion is envisaged for the issue. The current issue volume of the Bond amounts to EUR 4 billion.
Time schedule of the auction procedure:
Date of invitation to bid: Tuesday, 18 May 2021
Bidding period: Wednesday, 19 May 2021 from 8:00 a.m. until 12:30 p.m. CET
Value date: Friday, 21 May 2021
Interview conducted on 14 May 2021
Date of publication: 14 May 2021
Interviewer: Sia Kossioni