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New Dec-26 benchmark to be launched

ESM ISSUANCE
  • "The European Stability Mechanism has mandated BNP, Citi and HSBC to joint lead manage its upcoming new EUR December 2026 benchmark in REGS Bearer format. No further group."
  • "The transaction is expected to be launched and priced in the near future, subject to market conditions."
  • As we noted earlier we expect the ESM to raise E2bln through today's transaction (it's Q1 issuance target).
  • We expect the transaction to take place today.

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