Investor Presentaiton
SHORT-TERM FUNDING
⚫ Bill market is an important tool to manage funding liquidity risk
The ESM has a strategic minimum presence to ensure permanent access to its investor base
• In case of higher or lower liquidity needs, the ESM can adjust the bill volume
Current Characteristics
Size
Timing
Min. target size of €1.1bn
1st and 3rd full week of the month (see calendar below)
Bidding period
08:00 - 12:30 CET
Features
Access
Multiple price auction, each bill is rated by Moody's, Fitch and S&P
Via ESM market group
Information
Bloomberg ESM pages, 4 {GO}, Buba {GO} and GAM {GO}
Auction dates for each half-year announced in advance *
2023
January
February
March
April
May
June
3-month
Tuesday 03
Tuesday 07
Tuesday 07
Tuesday 04
Tuesday 02
Tuesday 06
6-month
Tuesday 17
Tuesday 21
Tuesday 21
Tuesday 18
Tuesday 16
Tuesday 20
*12 month line discontinued as of 06 May 2022
15
European Stability Mechanism
25mView entire presentation