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Value should not be gauged solely in terms of the short-term viability of an enterprise. One should also look farther afield at its resilience to unexpected shocks and its long-term sustainability.

Today, EFSF, the European Financial Stability Facility, rated Aaa (Moody’s) / AA- (Fitch) / AA- (S&P), has sent a Request for Proposal to a selection of banks from the EFSF/ESM Market Group with regards to an upcoming transaction, subject to market conditions.

The result of the auction of 20 August 2024 for the 6-month bill of the ESM was as follows:
Total Bids: € 2,875.00 mn
Competitive bids: € 721.00 mn
Non-competitive bids: € 2,154.00 mn
Allotment / Issue volume: € 1,087.20 mn

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, 19 August 2024
Bidding period: Tuesday, 20 August 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 22 August 2024

The result of the auction of 6 August 2024 for the 3-months Bills of the ESM was as follows:
Total Bids: € 2,794.00 mn
Competitive bids € 639.00 mn
Non-competitive bids € 2,155.00 mn
Allotment / Issue volume € 1,097.50 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, 5 August 2024
Bidding period: Tuesday, 6 August 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 8 August 2024