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EFSF / ESM 2023 Funding Plans

ESM ISSUANCE
  • The 2023 funding target of E20bln for the EFSF (up from E19.5bln in 2022) and E8bln for the ESM (unchanged from 2022) have been confirmed. This is in line with the estimates first published a year ago.
  • Like in 2022, there will be no published issuance windows for bond transactions.
  • "This year we did not issue in US dollars as demand held up strongly for euro-denominated bonds. We will keep the USD as a strategic currency for the future. We focused on euros this year because with higher European rates the demand for short-term euro bonds increased, and we were thus able to tap into that demand several times at attractive rates for our beneficiary Member States."
  • Monthly auctions of 3/6-month bills will continue through at least the first six months of the year, with 3-month bill auctions on the first Tuesday of each month and 6-month bill auctions on the third Tuesday of each month.
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