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Rolf Strauch, Member of ESM Management Board

"Macroprudential policy and euro area resilience" 1

Background note for panel intervention at Financial Stability Conference,

Berlin, 28 October 2015

Luxembourg – The European Stability Mechanism (ESM) today issued a new €4 billion 5-year benchmark bond with a coupon of 0.1%, maturing on 3 November 2020. This reduces the funding need of the ESM for the remainder of 2015 to €2 billion.

The spread at issuance was fixed at mid swaps minus 12 basis points. This implies a reoffer yield for investors of 0.111%. Bank of America Merrill Lynch, Citi and UniCredit acted as lead managers for the issue. The total book size was in excess of €8.6 billion.

Luxembourg – The European Stability Mechanism (ESM) today issued a new €3 billion 30-year benchmark bond with a coupon of 1.75%, maturing on Oct 20 2045. It was the first 30-year bond for the ESM, in line with the institution’s goal to lengthen maturities.

The spread at issuance was fixed at mid swaps plus 25 basis points. This implies a reoffer yield for investors of 1.785%. BNP Paribas, Commerzbank and J.P. Morgan acted as lead managers for the issue. The total book size was in excess of €3.5 billion.

Luxembourg - The European Stability Mechanism (ESM) today welcomes two new members to its Board of Auditors. They are Andrew Harkness, Secretary and Director of Audit at Ireland’s Office of the Comptroller and Auditor General, and Jean Guill, Director General of the Commission de Surveillance du Secteur Financier in Luxembourg. The two were appointed at the meeting of 5 October of the ESM Board of Governors for a non-renewable three-year term, starting on 8 October, 2015.

European Stability Mechanism

Lecture helt by Kalin Anev Janse, Member of Management Board - Secretary General, at the Wharton School - Lecture