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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 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.
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.
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.
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”.
Luxembourg – European Financial Stability Facility (EFSF) announces the launch of a one-year bond in the near future, subject to market conditions. Christophe Frankel, EFSF’s Chief Financial Officer & Deputy CEO said. “Launching a one-year bond means that we can react to strong market demand on the short end and provide investors with an alternative to the planned 3-year bond.”