Search

The result of the auction of 9 March 2021 for the 12-months Bills of the ESM was as follows:

Total Bids €6,105.00mn
Competitive bids €575.00mn
Non-competitive bids €5,530.00mn
Allotment / Issue volume €1,099.90mn

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.

The European Stability Mechanism, rated Aa1 (stable) (Moody's) / AAA (stable) (S&P) / AAA (stable) (Fitch) has mandated BNP, Citi and HSBC to joint lead manage its upcoming new EUR December 2026 benchmark in REGS Bearer format. No further group.
The transaction is expected to be launched and priced in the near future, subject to market conditions. Joint Bookrunners will be paid a fee in connection to the transaction. FCA/ICMA stabilisation.

The European Stability Mechanism (ESM) will launch 12-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to €1.1 billion is envisaged.

Time schedule of the auction procedure:
Date of invitation to bid: Monday, 8 March 2021
Bidding period: Tuesday, 9 March 2021, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 11 March 2021