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***Hearing European Stability Mechanism....>

ISSUANCE
ISSUANCE: ***Hearing European Stability Mechanism has mandated Citi, Deutsche
Bank and J.P.Morgan as joint lead managers, with no further group, for its
inaugural 5-year US Dollar denominated fixed rate Reg S / 144A benchmark
transaction. The transaction is expected to be launched and priced in the near
future, subject to market conditions.

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