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(Luxembourg) - The European Stability Mechanism (ESM) attracted strong demand for its reopened 2025 bond on Tuesday, with order books nearly 13 times the €2 billion sold.

The no-grow tap of the 1% 23 September 2025 bond achieved an order book of nearly €26 billion, excluding joint lead manager interest. 

The spread was fixed at mid-swaps minus 33 basis points, for a positive reoffer yield of 2.316%. The tap sale brings the total outstanding for this bond line to just under €6 billion.

The ESM raises €2bn on a tap of of ESM 1.00% due 23 September 2025.

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Kalispera, good afternoon, dear ministers, excellencies, guests, and friends.

Title: Asset purchases and sovereign risk premia in the euro area during the pandemic

This paper traces the impact of asset purchases during the Covid-19 pandemic on sovereign risk premia, distinguishing between announcements, expectations, and implementation effects.

Title: Asset purchases and sovereign risk premia in the euro area during the pandemic

This paper traces the impact of asset purchases during the Covid-19 pandemic on sovereign risk premia, distinguishing between announcements, expectations, and implementation effects.