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(Luxembourg) - The European Financial Stability Facility (EFSF) raised €6 billion towards its €20 billion funding needs in 2023 with the sale of two new bond issues on Monday.
The transaction was the first dual tranche issue since August 2022.
The EFSF raised €2 billion in the 3-year 2.75% bond, maturing on 17 August 2026. The spread was fixed at mid-swaps minus 24 basis points, for a reoffer yield of 2.809%. The order book was over €5.75 billion, excluding joint lead manager interest.
By Nicola Giammarioli and Rolf Strauch, members of the Management Board of the European Stability Mechanism
Europe.Table newsletter, 11 January 2023
Fiscal rules are necessary in the European Monetary Union, but unpopular. The rules are often described as a “budgetary straitjacket”. Supposedly, they would make it difficult for countries to fulfil political spending promises or provide desired public investments.
Interview with Pierre Gramegna, ESM Managing Director
WELT
Published on: 21 December 2022
(conducted: 14 December 2022)
Interview mit Pierre Gramegna, ESM Geschäftsführender Direktor
WELT
Erscheinungstag: 21. Dezember 2022
(ausgeführt: 14. Dezember 2022)
How the ECB helped to contain fragmentation, a key challenge for the euro area, during the pandemic and what lessons can be drawn upon for the future are explored in a recent ESM working paper.