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The result of the auction of 5 November 2024 for the 3-months Bills of the ESM was as follows:
Total Bids € 4,171.00 mn
Competitive bids € 2,407.00 mn
Non-competitive bids € 1,764.00 mn
Allotment / Issue volume € 1,099.44 mn
Press conference following Eurogroup meeting
Brussels, 4 November 2024
ESM Managing Director Pierre Gramegna will give opening remarks in a panel discussion at COP29 Conference in Baku, Azerbaijan on 14 November (17:30-18:30).
The panel, organised by the Luxembourg Ministry of Finance, will focus on multilateral finance’s role in climate action.
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ESM Managing Director Pierre Gramegna will take part in the panel discussion with EIB Vice President Ambroise Fayolle at COP29 Conference in Baku, Azerbaijan on 13 November (17:30-18:15).
The topic of the panel is "Towards sustainable finance: A perspective from European financial institutions". It will be moderated by Isabel Dellas from LuxFLAG.
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Ioannis Vazouras is a Senior Financial Market Analyst for the Derivatives and Market Intelligence team in Funding and Investor Relations at the ESM.
Prior to that, he worked for three decades in various front office positions in private sector banks as a Currency and Rates Trader, and Sovereign Bonds Market Maker responsible for a number of EA Primary Dealerships.
Ioannis holds a B.A. (Hons) in Economics from the University of Essex, an M.A. in Economics from the University of Manchester, and studied for a PhD in Economics at the University of Reading.
When one major ‘safe’ euro area country suddenly issues more debt, interest rates rise for all euro area countries. In a newly published paper, we provide evidence to show that the response of interest rates on sovereign bonds in secondary markets is nearly as large in many neighbouring countries as in the country issuing the debt.
Marco Onofri is an Economist in the Economic and Market Analysis division at the European Stability Mechanism since 2022.
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, 4 November 2024
Bidding period: Tuesday, 5 November 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 7 November 2024
ESM Head of Economic Risk Analysis, Giovanni Callegari gave a presentation at the SUERF BAFFI Bocconi e-lecture "Key findings from the IMF’ Fiscal Monitor, October 2024"