The European Union and the European Financial Stability Facility (EFSF) said on Thursday they had revised their debt issuance calendar to cover financial support for Portugal approved by EU finance ministers this week.
The EFSM and EFSF would go to the market between May 23 and July 15 to cover the first disbursements to Portugal and Ireland for a total of 15.3 billion euros ($21.8 billion), they said in a statement.
Debt issues for both the EU and EFSF under the programmes for Portugal and Ireland should be mainly in standard benchmark maturities of 5-10 years, denominated in euros.
Complementary disbursements are foreseen by the IMF as agreed in the respective EU/IMF programmes, it added.
The joint statement added that disbursements over the rest of the year would be subject to Portugal's and Ireland's requirements and to joint quarterly reviews by the European Commission, the IMF and the European Central Bank (ECB).
In addition to two benchmark bonds that the EU intends to launch in the second quarter, it plans to issue a further two benchmark bonds in 2011, aiming at 3-5 billion euros in each transaction.
It added that the EU may complement its funding needs by smaller bond issues, either through syndicated issues under the EFSM or through targeted transactions.
Source: http://www.reuters.com
The EFSM and EFSF would go to the market between May 23 and July 15 to cover the first disbursements to Portugal and Ireland for a total of 15.3 billion euros ($21.8 billion), they said in a statement.
Debt issues for both the EU and EFSF under the programmes for Portugal and Ireland should be mainly in standard benchmark maturities of 5-10 years, denominated in euros.
Complementary disbursements are foreseen by the IMF as agreed in the respective EU/IMF programmes, it added.
The joint statement added that disbursements over the rest of the year would be subject to Portugal's and Ireland's requirements and to joint quarterly reviews by the European Commission, the IMF and the European Central Bank (ECB).
In addition to two benchmark bonds that the EU intends to launch in the second quarter, it plans to issue a further two benchmark bonds in 2011, aiming at 3-5 billion euros in each transaction.
It added that the EU may complement its funding needs by smaller bond issues, either through syndicated issues under the EFSM or through targeted transactions.
Source: http://www.reuters.com
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