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Luxembourg – The Greek financial assistance programme of the European Financial Stability Facility (EFSF) expires tonight at midnight CET. As a result, the last EFSF loan tranche of €1.8 billion will no longer be available for Greece and the €10.9 billion in EFSF notes to cover the potential cost of bank recapitalisation or bank resolution in Greece will be cancelled.
Luxembourg – The Board of Governors of the European Stability Mechanism (ESM) held its third Annual Meeting today at the ESM office in Luxembourg and approved the ESM Annual Report for 2014. The Board of Governors comprises the 19 euro area Finance Ministers. They discussed the development of the ESM and its key activities.
The Annual Report includes the ESM’s financial statements for 2014, which were approved by the Board of Governors. The ESM’s net result of nearly €444 million was allocated to its Reserve Fund, which serves as a buffer in case of potential losses.
Klaus Regling, Managing Director, ESM at the TsingHua University, Beijing, China
Luxembourg – The European Financial Stability Facility (EFSF) placed today a €2.25 billion four-and-a-half-year benchmark bond maturing on 4 November 2019. The issuance spread was fixed at mid swap minus 13 basis points. This implies a reoffer yield for investors of 0.175%. The coupon rate is 0.125%.
Luxembourg – The European Financial Stability Facility (EFSF) completed a dual-tranche tap transaction today. The two bonds reopened were the EFSF 0.25% bond maturing in October 2017, and the EFSF 1.20% bond maturing in February 2045.
The EFSF 0.25% October 2017 bond was tapped for €2 billion, bringing the total size of the issue from €3 billion to €5 billion. The reoffer yield for investors of was 0%.
Luxembourg – The European Financial Stability Facility (EFSF) placed today a €3 billion 10-year bond maturing on 28 April 2025. The issuance spread was fixed at mid swap minus 22 basis points. This implies a reoffer yield for investors of 0.239%. The coupon rate is 0.20%.
Deutsche Bank, BNP and Natixis acted as lead managers. The issuance attracted good demand from high-quality investors worldwide.