The European Stability Mechanism (ESM) raised €4 billion in a benchmark bond deal on Tuesday, its first new five-year euro-denominated bond since October 2015.
“The large order book shows there is strong appetite among investors for the short end of the curve, now that yields are rising. It enabled the ESM to issue a five-year euro-denominated bond with a positive yield for the first time since 2015, the year the ECB started its quantitative easing programme,” said Kalin Anev Janse, Secretary General of the ESM.
The spread of the 0.1% bond, which will mature in July 2023, was fixed at mid swaps minus 19 basis points, for a reoffer yield of 0.112%. Order books were in excess of €9 billion.
Bookrunners for the deal were Morgan Stanley, Société Générale CIB and UniCredit.
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ESM Raises €4 Billion In New 5-Year Bond
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