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Luxembourg – The European Stability Mechanism (ESM) today conducted a tap auction of a €3 billion 8-year bond maturing on 22 April 2024. An additional €961 million was issued, bringing the total size of the existing bond to just under €4 billion.

The transaction reduces the remaining funding needs for the ESM for the third quarter to €1 billion.

The Risk Committee is a permanent committee of the Board of Directors advising it on the overall current and future risk appetite of the ESM. It also assists the Board of Directors in defining, reviewing, and overseeing the implementation of the ESM risk management framework by the Managing Director.

The ESM places great emphasis on shareholder relations and engagement. The ESM participated in the various political fora where its shareholders are represented to discuss matters of relevance to its mandate, such as the Eurogroup, the Eurogroup Working Group, and the Task Force for Coordinated Action.

Luxembourg – The European Stability Mechanism (ESM) today issued a new 8-year €3 billion benchmark bond with a coupon of 0.125%, maturing on 22 April 2024.

The spread at issuance was fixed at mid swaps minus 14 basis points. This implies a reoffer yield for investors of 0.205%. Citi, Credit Agricole CIB & Deutsche Bank acted as lead managers for the issue. The total book size was over €4.2 billion.

Luxembourg – The European Stability Mechanism (ESM) today issued a new 16-year €3 billion benchmark bond with a coupon of 1.125%, maturing on 3 May 2032, completing its funding needs for the second quarter. The total book size was in excess of €4 billion.

“The ESM has achieved its funding targets for the second quarter with just two transactions. By adding a new 16-year bond to the 8-year deal earlier this month, we filled the gap between the outstanding 2026 and 2036 maturities and offered investors a new point on the curve, ” said Siegfried Ruhl, ESM Head of Funding.

Luxembourg – The ESM Board of Governors has decided in principle at its Annual Meeting to mandate the ESM with an evaluation of EFSF and ESM financial assistance programmes. According to the mandate, the evaluation will comprise and compare all completed programmes rather than being a country-by-country analysis. The evaluation will be done by an evaluation team that will have appropriate access to relevant filing systems, documents, and data within the confines of confidentiality arrangements.

Luxembourg – The Board of Directors of the European Stability Mechanism (ESM) today authorised the second tranche of €10.3 billion of ESM financial assistance to Greece. The Board also authorised the first disbursement of this second tranche of €7.5 billion to Greece. The country will use the €7.5 billion to meet debt servicing obligations and to help clear domestic arrears. The Board of Directors’ decisions follow the Greek government’s completion of all prior actions.

Luxembourg – The European Stability Mechanism (ESM) has appointed Pierre-Henri Floquet to the position of Head of Asset & Liability Management (ALM) and Lending. Since 2014, Mr Floquet had been working as Senior Banking Expert at the ESM.