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EFSF taps 2021 bond for €1 billion in auction

Luxembourg – The European Financial Stability Facility (EFSF) today conducted a tap of its 0.1% 5-year bond maturing on 19 January 2021 through an auction. The deal raised €999.90 million, bringing the total size of the bond to €3,999.90 million (nearly €4 billion).

“Today’s auction was very well received, allowing the EFSF to tap the 2021 bond by €1 billion. This transaction completes the EFSF’s funding needs for the first quarter of 2018 and supports liquidity in the secondary market,” said Siegfried Ruhl, EFSF Head of Funding and Investor Relations.

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Klaus Regling at European Parliament Committee on Budgets
Watch the webstream

 
Klaus Regling at the German Economic Institute
"The future of the ESM" - speech by Klaus Regling

 
 
 
 

Klaus Regling, ESM Managing Director
 “The future of the ESM”
Financial market meeting of the CDU Economic Council
Berlin, 14. March 2018

 

External debt composition and domestic credit cycles
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Working Paper 28

This paper finds that the composition of a country’s external debt provides valuable information about the likelihood of domestic credit booms and busts.
 

Authors: Stefan Avdjiev (Bank for International Settlements), Stephan Binder (Bank for International Settlements) and Ricardo Sousa (European Stability Mechanism)

 

Abstract:

Harris Dellas (University of Bern) speaks at the ESM
"Fiscal Policy with an Informal Sector" Macroeconomic models that omit the shadow economy systematically mis-forecast and mis-measure the effect of fiscal--in particular tax--policy on economic activity and tax revenue. We add an informal sector to the Bank of Greece DSGE model and use the actual package of fiscal consolidation implemented in Greece over the period 2010 - 2015 to evaluate the role of the black economy.
Klaus Regling at Eurogroup press conference





Transcript of remarks by ESM Managing Director Klaus Regling
Press conference after Eurogroup meeting, 12 March 2018

 
 

Iryna Kaminska (Bank of England) speaks at the ESM
"Official Demand for U.S. Debt: Implications for U.S. Real Rates" How big is the impact of official investors on long-term yields? We estimate a structural term-structure model in which arbitrageurs accommodate demand pressures exerted by domestic and foreign official investors. Demand pressures can affect real rates by altering the aggregate price of duration risk, and therefore through changes in the bond risk premia.
Kalin Anev Janse in interview with L'AGEFI (France)

Kalin Anev Janse, ESM Secretary General
Interview with L’AGEFI (France)
Published on 12 March 201
Interviewer: Patrick Aussannaire

 
L’Agefi: What are your funding goals for 2018?