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EFSF and ESM are very similar - they have the same mandate and instruments, but legally as issuers they are completely different because the EFSF is a guarantee-based financial structure while the ESM is based on capital, including a big chunk of paid-in capital.
One can't assume an investor who buys EFSF bonds will automatically buy ESM bonds, they need to go through an internal approval process, such as an internal credit committee.
One day the EFSF will close but it will be in the market for the next 30 years. At the same time investors need to understand the ESM and why it is now appearing on the scene.
The ESM is a stronger issuer as it is less vulnerable to any downgrades of some of our stronger member states because of its paid-in capital. Even if that capital comes from a very fiscally weak or low-rated member state - cash is cash.
We could in theory go into other currencies; our legal base allows us to do that. All our assets are in euro, to have all the liabilities in euro as well makes life easier, but of course it's possible and we would know how to handle that problem.