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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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G10 Markets
G10 Markets
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Emerging Markets
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Data
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Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessEFSF / ESM 2024 Funding Plan
- The 2024 funding targets of E20bln for the EFSF (up from the previous estimate of E19bln, and unchanged from 2023 funding) and E6bln for the ESM (down from E8bln in 2023 and in line with previous estimate) have been confirmed.
- Like in 2022/23, there will be no published issuance windows for bond transactions.
- The ESM's investor newsletter notes that "In order to expand our offer in the short end, we are currently working on a project for an ESM Euro Commercial Paper programme. This would allow the ESM to provide short-term products tailor-made to investors’ needs and complement our toolbox. We will provide you with further information during the course of 2024."
- Note that the estimated funding plans for 2025 see E21.5bln for the EFSF and E7.0bln for ESM.
- 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 (except January where it is the second Tuesday) and 6-month bill auctions on the third Tuesday of each month (4th in January).
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.