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When preparing their medium-term fiscal adjustment plans to implement the new set of EU fiscal rules, EU Member States are facing a trade-off between the need to consolidate and the need to improve competitiveness and deploy innovation-enhancing fiscal policies. Over the past decades, public R&D spending evolved largely in line with economic activity among euro area member states, but displayed a high degree of volatility and was pro-cyclically cut during fiscal consolidation periods, both in absolute terms and in relation to total primary spending.
The result of the auction of 3 September 2024 for the 3-months Bills of the ESM was as follows:
Total Bids € 2,949.00 mn
Competitive bids € 889.00 mn
Non-competitive bids € 2,060.00 mn
Allotment / Issue volume € 1,086.60 mn
The European Stability Mechanism (ESM) raised €2 billion with a new 10-year bond on Monday, completing two-thirds of its 2024 long-term funding programme.
The 2.75% 15 September 2034 maturity bond achieved a strong order book in excess of €9.3 billion, including joint lead manager interest. The spread was fixed at mid-swaps plus 26 basis points, for a re-offer yield of 2.824%.
(Luxembourg) - The European Stability Mechanism (ESM) raised €2 billion with a new 10-year bond on Monday, completing two-thirds of its 2024 long-term funding programme.
The 2.75% 15 September 2034 maturity bond achieved a strong order book in excess of €9.3 billion, including joint lead manager interest. The spread was fixed at mid-swaps plus 26 basis points, for a re-offer yield of 2.824%.
"Regional Financing Arrangements will be an important pillar of global monetary and financial system stability"
Article published in Tsinghua Financial Review
(Transcript of speech at Tsinghua PBCSF Global Finance Forum 2024)
5 August 2024
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, 2 September 2024
Bidding period: Tuesday, 3 September 2024, from 8:00 a.m. until 12:30 p.m. CET
Value date: Thursday, 5 September 2024
"Euro at 25: Past Challenges, Future Opportunities"
Find here the presentation: THE EURO@25 - PAST CHALLENGES, FUTURE OPPORTUNITIES