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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

Rolf Strauch, Member of ESM Management Board

"Can strong fiscal adjustments work in Europe? Putting the Greek case into perspective" 1

Background note for panel intervention at CEPS conference,

Brussels, 6 October 2015

The EFSF Board of Directors has today decided to waive the EFSF’s rights under the loan agreements with Greece with respect to events of default which were triggered when Greece missed certain repayments to the IMF. The EFSF had previously reserved its rights to accelerate the repayment of its facilities on 3 July 2015.

In light of the fact that the Greek government had cleared its arrears to the IMF and the new ESM financial assistance programme is in place, the EFSF Board of Directors decided that the circumstances leading to the events of default had been cleared.