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CNBC Squawk Box in Davos, Switzerland
22 January 2020
Interviewer: Joumanna Bercetche
(On the need for fiscal stimulus in Europe)
Press conference after Eurogroup meeting
20 January 2020
In line with Article 42 of the ESM Treaty, ESM Members whose GDP per capita is less than 75% of the EU average benefit from a temporary correction of the capital contribution key for a period of 12 years after the date of its adoption of the euro. Apart from Malta, this correction was applied for Slovenia, Slovakia, Estonia, Latvia and Lithuania. The temporary correction for Slovenia ended in January 2019.
The European Stability Mechanism (ESM) has appointed Paolo Fioretti as country team coordinator (mission chief) for Greece, replacing Nicola Giammarioli, who had led the team since 2015.
“I am delighted that Paolo Fioretti will lead the Greek team”, ESM Managing Director Klaus Regling said. “With his knowledge of the region and the financial sector and his experience in working closely together with our partner institutions, the European Commission, the European Central Bank and the International Monetary Fund, he is ideally prepared to take over this important task.”
Published in Ta Nea newspaper (Greece) on 18 January 2020
Interviewer: Maria Vasileiou
Original language: English
A new mission is due next week, the last for you as ESM's Greece mission chief. What issues are important?
The European Financial Stability Facility (EFSF) opened its 2020 funding programme today, raising €3 billion by issuing a new benchmark 30-year bond, which attracted a record order book.
The order book was above €12 billion, excluding interest from lead managers. The previous record was €6.1 billion in July 2014.
The spread on the 0.7% 20 January 2050 maturity was fixed at mid-swaps plus 13 basis points, for a reoffer yield of 0.756%. Goldman Sachs, J.P. Morgan and Unicredit were lead managers on the transaction.
The EFSF started it's funding programme for 2020 with an opportunity at the long end. Investor interest was very strong with an orderbook in excess of €12bn.
Luxembourg – The European Financial Stability Facility (EFSF) opened its 2020 funding programme today, raising €3 billion by issuing a new benchmark 30-year bond, which attracted a record order book.
The order book was above €12 billion, excluding interest from lead managers. The previous record was €6.1 billion in July 2014.
The spread on the 0.7% 20 January 2050 maturity was fixed at mid-swaps plus 13 basis points, for a reoffer yield of 0.756%. Goldman Sachs, J.P. Morgan and Unicredit were lead managers on the transaction.