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This implies a reoffer yield for investors of 1.514 per cent.
Crédit Agricole, Goldman Sachs International and Société Générale acted as joint lead managers for this syndicated issue. The bond was met with very strong interest, with more than €9.6 billion in orders received from investors worldwide.
Christophe Frankel, CFO and Deputy Managing Director, said: "Today’s transaction, the ESM’s first bond of 2014, has attracted solid demand. This prompted us to issue €6 billion in order to fulfil our investors’ expectations. As a result we were willing to exceed our funding target of €5 billion for the first quarter of the year by €1 billion. Today’s seven-year bond issue has also been a successful step in building the ESM yield curve.”