ESM brings in new bill programme, funding windows set for second quarter

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By Burhan Khadbai
31 Mar 2020

The European Stability Mechanism has added a new 12-month bill programme for the second quarter as it looks to manage its collateral requirements amid volatility in rates. ESM and the European Financial Stability Facility have also set out their issuance windows for benchmark deals in April to June.

“In the current environment, liquidity risks have increased,” said Kalin Anev Janse, ESM’s chief financial officer in an investor newsletter on Tuesday. “The ongoing low rate environment and increased volatility in rates affect our collateral requirements. Adding a new line of bills will help to manage the collateral ...

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