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The result of the auction of 2 April 2024 for the 3-months Bills of the ESM was as follows:
Total Bids: € 2,301.00 mn
Competitive bids: € 691.00 mn
Non-competitive bids: € 1,610.00 mn
Allotment / Issue volume: € 1,023.50 mn
The European Union’s (EU) common challenges, such as the transition towards a green, sustainable and digitised economy, disruptive climate events, and increased defence spending needs, have motivated growing calls for additional joint European issuances to address them. Recent history shows that funding through European institutions has positive results.
“Celebrate that EU safe assets have joined the €1tn club”
Op-ed published by the Financial Times, 26 March 2024
A significant milestone has been reached this month. There are more than €1tn of European safe assets in the market issued by the European Commission, the European Investment Bank and the European Stability Mechanism plus the European Financial Stability Facility. The number has almost doubled compared to 2014, the aftermath of the eurozone crisis.
The European Stability Mechanism (ESM) will launch 3-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 1.1 billion is envisaged.
Time schedule of the auction procedure:
Date of invitation to bid: Thursday, 28 March 2024
Bidding period: Tuesday, 2 April 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 4 April 2024
Climate change triggers weather shocks like heatwaves and floods, which can wreak havoc on places that are insufficiently prepared for the intensity and frequency of such events. Such physical risks can entail capital and productivity losses in addition to hardships for people. It takes time and resources to adapt, if even possible, to rising temperatures and sea-levels. These costs can place a financial burden on the countries affected.
The result of the auction of 19 March 2024 for the 6-months Bills of the ESM was as follows:
Total Bids € 2,143.00 mn
Competitive bids € 383.00 mn
Non-competitive bids € 1,760.00 mn
Allotment / Issue volume € 1,016.60 mn