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(M2) Correction Extends


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(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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ESM/EFSF funding plans for 2022

  • The ESM/EFSF published their funding plans for 2022 yesterday.
  • For 2022 long-term EFSF issuance will be E19.5bln (revised up from last year's 2022 estimate of E18.0bln and against E16.5bln in 2021).
  • ESM 2022 long-term issuance will be E8.0bln (in line with the initial estimate and 2021 issuance).
  • 2023 issuance is expected at E20.0bln for EFSF and E8.0bln for ESM.
  • Rather than publishing a list of weeks for expected transactions, it is noted that "adaptability will be crucial in the execution of our new responsibilities and tasks. With this in mind, we will stop publishing potential windows for bond issuance."
  • There is an "aim to issue on all parts of the curve to provide opportunities for our investors."
  • Rather than publishing dates for bill auctions for the quarter ahead, the ESM has published bill auction dates for the first half of 2022 with 3/6/12-month bills issued monthly. The MNI Eurozone/UK T-bill calendar has been updated to include these auctions (link here).
MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |

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