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ESM issues 40-year, 1-billion-euro bond

Xinhua, November 25, 2015 Adjust font size:

The Luxembourg-based European Stability Mechanism (ESM) on Tuesday issued a new 1 billion euro (1.06 billion U.S. dollars) 40-year benchmark bond with a coupon of 1.85 percent, maturing on Dec. 1, 2055.

ESM said the deal fills the remaining 500 million euro funding need for this year, while the other half will be used for the ESM's 2016 funding program.

"This is an outstanding end to the ESM's funding program for 2015. While lengthening maturities beyond our recent 21 and 30-year deals, investor appetite was such that we were able to pre-fund 500 million euros towards next year's needs," said Christophe Frankel, CFO and deputy managing director.

The deal follows last week's decision by the ESM's board of directors to revise the borrowing guidelines, and to set the maximum authorized maturity for ESM borrowing transactions at 45 years. (1 euro=1.06 U.S. dollar) Endit