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Luxembourg – The European Stability Mechanism (ESM) launched today its long-term funding programme with a €7 billion 5-year benchmark bond with a coupon of 1.25%, maturing on 15 October 2018. The issuance spread at reoffer was fixed at mid swap minus 1 basis point. This implies a reoffer yield for investors of 1.288%.
Investor interest was exceptionally strong, with an order book of close to €21 billion from more than 200 investors worldwide. HSBC, J.P. Morgan and SGCIB acted as lead managers for this inaugural issue.
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The European Stability Mechanism, Europe’s permanent bail-out borrower, is set to launch its first benchmark next week, almost three years after sister
organisation the European Financial Stability Facility debuted as the eurozone sovereign debt crisis began to bite. Christophe Frankel, deputy managing director and chief financial officer of the ESM, speaks to EuroWeek’s Tessa Wilkie about the supranational’s issuance plans.
ESM gears up for action
Oct 2, 2013 : The European Stability Mechanism aims to raise €9bn in international capital markets to fund aid for struggling eurozone countries. Klaus Regling, ESM's managing director, talks to the FT’s capital markets editor Ralph Atkins about investor demand for eurozone debt.
Klaus Regling : « Le MES a une capacité d'intervention suffisante pour l'Italie ou l'Espagne »
Klaus Regling (Directeur général du Mécanisme européen de stabilité)
Klaus Regling dirige les deux fonds de secours qui ont été créés pendant la crise de la zone euro pour prêter aux pays coupés des marchés financiers.