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Luxembourg – Today the Board of Directors of the European Stability Mechanism (ESM) approved a request by the Spanish government to make a voluntary early repayment of €3 billion towards its ESM loan.

This is the ninth time Spain will make a voluntary early repayment of its loan, which was used to recapitalise its banks in 2012 and 2013. Following the repayment, Spain’s outstanding debt to the ESM will stand at €23.7 billion.

This paper presents a model for analysing debt sustainability by optimizing debt-financing decisions to balance borrowing costs with refinancing risks

On 11 September 2018 the EFSF re-opened for the second time it's January 2021 bond, taking the total outstanding to nearly €5 billion.

Luxembourg – The European Financial Stability Facility (EFSF) on Tuesday raised €997.25 million in a tap of a 5-year bond, completing its funding needs for the third quarter.

“The auction of the 2021 bond was very well received by the market, allowing the EFSF to raise the outstanding volume to around €5 billion, after an earlier tap in March. The size increase provides welcome liquidity for investors in the secondary market,” said Siegfried Ruhl, EFSF Head of Funding and Investor Relations.