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The cost of borrowing was anchored at record lows for a decade. Families and many business sectors, such as the housing market, benefitted from cheap credit.

Things rapidly changed last year. The effects are already felt and the financial reporting from companies across Europe started to cast a magnifying glass on those effects.

The European Financial Stability Facility (EFSF) raised €3 billion today in a dual-tranche transaction. It raised €2 billion in a new 15-year 3.375% bond, maturing on 30 August 2038. The spread was fixed at mid-swaps plus 28 basis points, for a reoffer yield of 3.455%. The order book was over €7.9 billion, excluding joint lead manager interest.

(Luxembourg) - The European Financial Stability Facility (EFSF) raised €3 billion today in a dual-tranche transaction. It raised €2 billion in a new 15-year 3.375% bond, maturing on 30 August 2038. The spread was fixed at mid-swaps plus 28 basis points, for a reoffer yield of 3.455%. The order book was over €7.9 billion, excluding joint lead manager interest.

The Evaluation Report evaluates the relevance, effectiveness, and efficiency of EFSF and ESM financial assistance in safeguarding the financial stability of the euro area and its members. It primarily focuses on aspects that were not covered in detail by other evaluations, such as financing and the ESM programme governance framework. It is the first evaluation that covers all five euro area programme countries: Ireland, Portugal, Spain, Cyprus, and the second Greek programme up to its initial expiry in December 2014.