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The result of the auction of 7 January 2025 for the 3-months Bills of the ESM was as follows:
Total Bids € 4,001.00 mn
Competitive bids € 1,531.00 mn
Non-competitive bids € 2,470.00 mn
Allotment / Issue volume € 1,095.20 mn

The European Stability Mechanism (ESM) will launch 3-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, 6 January 2025
Bidding period: Tuesday, 7 January 2025, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 9 January 2025

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This recognition is a testament to our commitment to trust, transparency, and building meaningful investor relationships.
A huge thank-you to our investors—you inspire us to raise the bar every day. Here’s to a fantastic start to 2025 and many milestones ahead!

Rimantas Šadžius was appointed as Lithuania’s Minister of Finance in December 2024. He had previously held the position in 2007-2008 and 2012-2016. Mr Šadžius also served as Vice Minister of Finance, Vice Minister of Health, and Vice Minister of Social Security and Labour. He was also a Member of the European Court of Auditors (2016-2022), and worked as a Lecturer at the Lithuanian University of Educational Sciences.

Mr Šadžius holds a Master of Science (MSc) in Law from Vilnius University.
 

Loss-absorbing bonds are attractive to investors, especially during periods of low interest rates, given their higher returns compared to other bank debt (Figure 1). This stems from their inherently higher riskiness because they act as the first layer of defence to absorb losses when a bank runs into trouble. Between 2017 and 2023, euro area banks issued €2.88 trillion in bank debt, of which approximately €1.1 trillion was in MREL bonds.

After the European elections in June, the newly appointed European Commission has set priorities that look quite different from those of the previous one. While the Covid response and the Green Deal were the main priorities for 2019–2024, the European Union (EU) strategic agenda for the next five years focuses on a free and democratic, strong, and secure, and prosperous, and competitive Europe. This includes working on European security and defence, Europe’s competitiveness and deepening the single market.