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(Luxembourg) - The European Financial Stability Facility (EFSF) raised €4 billion on Tuesday in a dual-tranche bond transaction – completing 75% of its €20 billion long-term funding programme for 2024. 

The EFSF raised €2.5 billion in a new 7-year 2.875% bond, maturing on 28 May 2031. The spread was fixed at mid-swaps plus 12 basis points, for a reoffer yield of 2.933%. The order book was above €21.4 billion, excluding joint lead manager interest.

Link to register: AoF-HKIMR Seminar: Financial Implications of Global Fragmentation Registration, Thu 30 May 2024 at 10:45 | Eventbrite

The result of the auction of 21 May 2024 for the 6-months Bills of the ESM was as follows:
Total Bids: € 2,203.00 mn
Competitive bids € 542.00 mn
Non-competitive bids € 1,661.00 mn
Allotment / Issue volume € 1,099.96 mn

Title: Monetary policy, firm heterogeneity, and the distribution of investment rates

This paper studies the role of lumpy investment for the transmission of monetary policy, its impact on aggregate investment, and the heterogeneous effects across young and old firms.

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Ladies and gentlemen, good morning. 

The 8th Joint Regional Financing Arrangements (RFAs) Research Seminar starts today in Luxembourg.  The two-day hybrid seminar will examine the economic and financial risks associated with global fragmentation. This event is organised jointly by the ASEAN+3 Macroeconomic Research Office (AMRO), the European Stability Mechanism (ESM), and Latin American Reserve Fund (FLAR).