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ESM has been assigned high quality ratings reflecting
In December 2015, with the objective of diversifying funding instruments available, the ESM announced the possibility to issue Namensschuldverschreibungen (N-Bonds). N-Bonds are registered bonds under German law issued in private placements. The objective is to improve the structure of the debt portfolio and to diversify further the existing investor base by offering a new investment possibility for mainly long-term investors.
The ESM issues N-Bonds based on reverse inquiry via the EFSF / ESM Market Group Members.
The ESM issued its first bond in October 2013. It has since issued bonds across the yield curve up to a maximum maturity of 45 years. ESM issues through the following methods: syndications and auctions, either for new lines or the reopening of existing bonds.
As part of its communication strategy, ESM announces its annual funding target and also the amounts to be raised each quarter.
The ESM scheduled funding target for 2022 is €8 billion.
The ESM launched its short-term issuance programme in January 2013, replacing the EFSF bill programme. 3-month, 6-month and 12-month bills are issued on a monthly basis.
ESM’s Auctions are conducted by the ESM Bidding System (EBS) of the Bundesbank: For further information, please consult Bundesbank
The bill auction dates are announced for each quarter.
ESM bill auction dates for H1 2022
The ESM & EFSF implements its funding strategy in collaboration with several international institutions which comprise the ESM/EFSF Market Group.
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