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The European Stability Mechanism (ESM) will launch 6-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 1.1 billion is envisaged.
Time schedule of the auction procedure:
Date of invitation to bid: Monday, 16 September 2024
Bidding period: Tuesday, 17 September 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 19 September 2024
Published in Jornal de Negócios (Portugal)
Conducted on 9 September, published on 12 September 2024
Interviewers: Leonor Mateus Ferreira, Paulo Ribeiro Pinto
Jornal de Negócios: The euro area practically stagnated in the second quarter. Are we really getting to that point, especially the larger economies like Germany?
When preparing their medium-term fiscal adjustment plans to implement the new set of EU fiscal rules, EU Member States are facing a trade-off between the need to consolidate and the need to improve competitiveness and deploy innovation-enhancing fiscal policies. Over the past decades, public R&D spending evolved largely in line with economic activity among euro area member states, but displayed a high degree of volatility and was pro-cyclically cut during fiscal consolidation periods, both in absolute terms and in relation to total primary spending.
The result of the auction of 3 September 2024 for the 3-months Bills of the ESM was as follows:
Total Bids € 2,949.00 mn
Competitive bids € 889.00 mn
Non-competitive bids € 2,060.00 mn
Allotment / Issue volume € 1,086.60 mn
The European Stability Mechanism (ESM) raised €2 billion with a new 10-year bond on Monday, completing two-thirds of its 2024 long-term funding programme.
The 2.75% 15 September 2034 maturity bond achieved a strong order book in excess of €9.3 billion, including joint lead manager interest. The spread was fixed at mid-swaps plus 26 basis points, for a re-offer yield of 2.824%.
(Luxembourg) - The European Stability Mechanism (ESM) raised €2 billion with a new 10-year bond on Monday, completing two-thirds of its 2024 long-term funding programme.
The 2.75% 15 September 2034 maturity bond achieved a strong order book in excess of €9.3 billion, including joint lead manager interest. The spread was fixed at mid-swaps plus 26 basis points, for a re-offer yield of 2.824%.