ECONOMY

EFSF requests proposals for bond issue scheduled next week

The European Financial Stability Facility has sent a request for proposals to a selection of banks from the EFSF/ESM Market Group for a potential bond issue, it said in an emailed statement on Wednesday.

The issue will take place on the week of November 25, subject to market conditions.

The temporary euro rescue fund, rated AA/Aa1/AA+, has just EUR1.5bn left to raise to hit its full-year EUR58bn funding target.

EFSF manages the bailout programmes for Ireland, Portugal and Greece. Its permanent successor – the European Stability Mechanism – is responsible for a credit line to recapitalise Spain’s banks, a sovereign bailout for Cyprus, and any future programmes.

[Reuters]