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EFSF / ESM 2024 Funding Plan

EUROZONE ISSUANCE
  • 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).

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