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/ESM: According to the latest ESM/EFSF.........>

EFSF
EFSF: /ESM: According to the latest ESM/EFSF Investor newsletter:
- Just over 50% (E11.5bln) of EFSF funding and 45% (E4.5bln) of ESM funding has
been completed. 
- Order books have been strong, particularly from Asia-based investors.
- For the first time, more trading on electronic platforms than traditional
trading methods has been observed. 
- Upcoming ESM bill auctions for Q3: 3-month bills (July 2, August 6, September
3); 6-month bills (July 16, August 20, September 17).
- Long-Term funding targets for Q3 & Q4 2019: EFSF E4bln & E7bln, ESM E2bln &
E3.5bln.

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