In the wake of changing trading patterns, the European Stability Mechanism and the European Financial Stability Facility have developed methods to keep their bond issues liquid. In this way, the issuers hope they will be more attractive to traditional government bond investors.
The ESM tries to ensure it can raise funds quickly in order to fulfil its role as a guarantor of financial stability in the event of a crisis. It pitches itself as a government-style issuer, both when raising for itself and for the EFSF, which no longer provides
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