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EFSF places €6 billion 7-year bond

Luxembourg – European Financial Stability Facility today launched its 2013 funding programme with the placement of a €6 billion 7-year benchmark bond maturing on 22 January 2020. The issuance spread at reoffer was fixed at mid swap plus 29 basis points. This implies a reoffer yield for investors of 1.612%.

Barclays, Nomura and Société Générale CIB acted as lead managers for this issue. Today's issue was met with very strong demand with over €8.3 billion in orders received from investors worldwide.

ESM holds 3-month bill auction

Luxembourg – The European Stability Mechanism (ESM) launched its short-term funding programme today with a 3-month bill auction. The auction was met with strong demand, attracting over €6.2 billion in bids of which over €3.1 billion were non-competitive. The ESM sold €1.927 billion in 3-month bills at a weighted average price of 100.00819% with a maturity of 11 April 2013. The weighted average yield was -0.0324%. The bid/cover ratio was 3.2. Auctions are carried out by the ESM using the Deutsche Bundesbank’s ESM Bidding System (EBS).

Interview with Deutschlandradio Kultur
ESM and EFSF announce funding programme for 2013

Luxembourg - European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) today announced their funding programmes for 2013.

ESM appoints David Vegara as Deputy Managing Director

ESM appoints David Vegara as Deputy Managing Director with responsibility for banking

 Luxembourg – ESM has appointed David Vegara as Deputy Managing Director with responsibility for banking. The ESM’s Managing Director Klaus Regling said: “I am delighted that David Vegara is taking over this key responsibility. Banking issues are increasingly central to the ESM and David has unique competences in this field.” David Vegara also becomes a member of the ESM Management Board.

Interview with Expansión
Interview with Süddeutsche Zeitung
ESM issues bonds for the recap of the Spanish banking sector

Luxembourg – European Stability Mechanism (ESM) has today launched and priced 2 bills and 3 floating rate notes for a total amount of close to €39.5 billion for the financial assistance to be provided for the recapitalisation of the Spanish banking sector. The ESM notes will be transferred to the FROB*, the bank recapitalisation fund of the Spanish government, in the coming days.

ESM and EFSF statement following Moody's rating decision

Luxembourg - European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) take note of the decision by Moody's to change both entities' long-term rating from Aaa to Aa1. Moody's decision follows the recent change of France's long term rating from Aaa to Aa1. ESM and EFSF continue to be assigned the best possible long-term by Fitch (AAA) and the best and short-term credit rating by Fitch and Moody’s. This underlines ESM's uniquely robust capital structure and the solidity of EFSF.

EFSF places €7 billion one-year bond

Luxembourg – European Financial Stability Facility (EFSF) today placed a €7 billion one-year benchmark bond maturing on 3 December 2013. The issuance was priced at a reoffer yield for investors of 0.22%.

This inaugural one-year bond from EFSF was met with exceptionally strong demand with close to €9 billion in orders received from investors around the world.

Christophe Frankel, CFO and Deputy CEO of EFSF stated “Today’s one-year bond has allowed us not only to complete the remaining €3.6 billion from this year’s funding programme but also to gain a head start for 2013”.