|
|
Klaus Regling, CEO of EFSF, stated: “The launch of a short-term funding programme is in line with the enlarged scope of activity of EFSF to use its new instruments efficiently”. He also underlined: “The bill programme will not substitute the long-term bond programme, but it will add flexibility to it”.
As part of the EFSF’s regular debt issuance programme and exclusively in euro, bill auctions will be open to all members of the EFSF Market Group, currently comprising 47 international institutions. As with EFSF’s bond issuance, the auctions will be carried out by the German debt management office using EFSF’s bidding system “EBS”. EBS is based on the Bund Bidding System (BBS) of Deutsche Bundesbank, which has long-standing experience in German bond and bill auctions.
EFSF has been assigned the highest quality short–term rating by all three rating agencies – Standard & Poor’s “A-1+”, Moody’s "(P) P-1" and Fitch Ratings “F1+(exp)”.
Christophe Frankel, Deputy CEO and CFO of EFSF, commented that “by introducing this programme, we will now provide our investors with the opportunity of investing across the full yield curve”.