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(Luxembourg) - The European Financial Stability Facility (EFSF) raised €7 billion today in a dual-tranche bond transaction, completing nearly one-third of its long-term funding programme for 2025. The transaction amassed the EFSF’s second largest combined order book on record.

The EFSF raised €4 billion in a new 10-year 2.875% bond, maturing on 29 January 2035. The spread was fixed at mid-swaps plus 50 basis points, for a reoffer yield of 2.993%. The order book was above €31.4 billion, excluding joint lead manager interest.

The European Financial Stability Facility (EFSF) raised €7 billion today in a dual-tranche bond transaction, completing nearly one-third of its long-term funding programme for 2025. The transaction amassed the EFSF’s second largest combined order book on record.

The EFSF raised €4 billion in a new 10-year 2.875% bond, maturing on 29 January 2035. The spread was fixed at mid-swaps plus 50 basis points, for a reoffer yield of 2.993%. The order book was above €31.4 billion, excluding joint lead manager interest.

Kalin, talk us through how ESM’s funding programme has developed and what you learned during the course of the year?

The European Stability Mechanism (ESM) will launch 6-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: Monday, 20 January 2025 
Bidding period: Tuesday, 21 January 2025, from 08:00 am until 12:30 pm CET
Value date: Thursday, 23 January 2025