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Following today’s successful 3-month bill auction, the EFSF and ESM announce the completion of their funding programmes for 2013. As a result the potential long-term issuance window scheduled for the week of 9 December will not be used.
 
The ESM launched its short-term bill programme in January 2013 and has raised €50.1 billion (of which €19.2 billion outstanding) from the auction of 3-month and 6-month bills.

Luxembourg – The European Financial Stability Facility (EFSF) placed today a €1.5 billion 16-year bond maturing on 3 December 2029. The issuance spread was fixed at mid swap plus 29 basis points. This implies a reoffer yield for investors of 2.758%.

Citi, Credit Agricole CIB and Credit Suisse acted as lead managers for this issue.

Luxembourg – The Board of Directors of the European Financial Stability Facility (EFSF) approved today the disbursement of €3.7 billion to Portugal. This follows the positive assessment of the combined eighth and ninth quarterly reviews of Portugal’s economic adjustment programme.

Klaus Regling, CEO of the EFSF said: “After a couple of years of intense adjustment and tremendous efforts by its people, Portugal reaches now the decisive phase towards regaining market access, the ultimate goal of the EFSF programme. Given the remarkable progress so far, this goal is within reach”.

Luxembourg – The European Stability Mechanism (ESM) today placed a €3 billion 10-year benchmark bond with a coupon of 2.125% maturing on 20 November 2023. The issuance spread at reoffer was fixed at mid swap plus 19 basis points. This implies a reoffer yield for investors of 2.26%.

Goldman Sachs International, Natixis and Nomura acted as joint lead managers for this syndicated issue.

Luxembourg – The 17 Member States of the euro area have by today transferred €15.7 billion in the fourth tranche of paid-in capital to the ESM. The total amount of ESM paid-in capital has thus increased from €48.6 billion to €64.3 billion.

“The build-up of the ESM’s paid-in capital proceeds as foreseen, said Klaus Regling, Managing Director of the ESM. “By April next year the ESM will have a paid-in capital of around €80 billion, more than any other international financial institution worldwide.”

Luxembourg – The European Financial Stability Facility (EFSF) today placed a €6 billion 7-year benchmark bond maturing on 29 October 2020. The issuance spread was fixed at mid swap plus 20 basis points. This implies a reoffer yield for investors of 1.869%.

BNP Paribas, Credit Suisse and Morgan Stanley acted as lead managers for this issue.

Today's issue was met with solid demand, with more than €10.5 billion in orders received from investors worldwide.