Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

08 October 2013

ESM(欧州安定メカニズム)、長期資金調達プログラムを開始、70億ユーロ規模の5年債入札を実施


Default: Change to:


ESM has launched its long-term funding programme with a €7 billion five-year benchmark bond with a coupon of 1.25 per cent, maturing on 15 October, 2018. The programme is expected to amount to €9 billion in 2013 and €17 billion in 2014.


The issuance spread at reoffer was fixed at mid swap minus 1 basis point. This implies a reoffer yield for investors of 1.288 per cent.

Investor interest was exceptionally strong, with an order book of close to €21 billion from more than 200 investors worldwide. HSBC, JP Morgan and SGCIB acted as lead managers for this inaugural issue.

Klaus Regling, Managing Director of the ESM, said: “I am very happy with the success of our inaugural bond issue. I expect the ESM will continue to attract a wide range of investors, who should be particularly encouraged by its robust capital structure. A major feature of that structure is €80 billion of paid-in capital, a level we will reach in April next year and which will be the highest of any international financial institution worldwide.”

The ESM was founded one year ago on 8 October, 2012. It has been regularly issuing three- and six-month bills since January 2013. Today’s issue, a syndicated transaction, inaugurates the ESM’s long-term funding programme, which is expected to amount to €9 billion in 2013 and €17 billion in 2014. In parallel, the EFSF will remain very active in the long-term bond market in order to finance the ongoing programmes for Portugal, Ireland and Greece and roll over existing debt until all loans have been repaid.

Christophe Frankel, CFO and Deputy Managing Director, added: “We will concentrate on building up a yield curve across all segments. The ESM will build its own yield curve irrespective of the EFSF. These will be two completely separate issuers, each with their own maturity profile.”

Press release

Klaus Regling: Speech at a Discussion and Luncheon jointly organised by the American Council on Germany, the Council for the United States and Italy and the French-American Foundation, on How Europe is overcoming the euro crisis. "The ESM’s strategy is working", 8.10.13 - view

Christophe Frankel speaks to EuroWeek’s Tessa Wilkie about the supranational’s issuance plans - view

Investor conference call on inaugural transaction, 2.10.13



© European Stability Mechanism


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment