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The result of the auction of 7 May 2024 for the 3-months Bills of the ESM was as follows:
Total Bids € 2,634.00 mn
Competitive bids € 994.00 mn
Non-competitive bids € 1,640.00 mn
Allotment / Issue volume € 1,075.00 mn
The European Stability Mechanism (ESM) will launch 3-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 1.1 billion is envisaged.
Time schedule of the auction procedure:
Date of invitation to bid: Monday, 6 May 2024
Bidding period: Tuesday, 7 May 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 9 May 2024
Kai Behrens is a Senior Economist at the Policy Strategy and Institutional Relations Division of the European Stability Mechanism (ESM). He works on the design of stability support instruments and is responsible for reviewing the ESM stance on country monitoring and financial assistance. Prior to joining the ESM in 2022, Mr Behrens worked on fiscal-structural reforms (pensions, health-care, tax and public administration) at the German Federal Ministry for Economic Cooperation and Development, the European Central Bank, and the European Commission. He holds a Ph.D.
Title: Sovereign defaults at home and abroad
Download PDF: Working Paper 60This paper provides a systematic comparison of domestic and external sovereign defaults from 1980 to 2018, covering details of the default events, the different macro-financial, political and geo-economic environments in which they occur, and type of restructuring applied.