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by Jp Albin

May 26, 2026 7:45 AM ET

LAUNCHED: European Stability Mechanism €2bn 5yr Sr Unsec; MS+6bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set	ISIN
European Stability Mechanism	5yr	02-Jun-31	€2bn	Sr Unsec	Fixed	MS+8a	MS+6	EU000A1Z99Z8

Launched: 5yr: €2bn @ MS+6bp
Guidance: 5yr: MS+8a

Issuer: European Stability Mechanism (ESM)
ISIN: EU000A1Z99Z8
Format: Reg S, Bearer, Senior Unsecured
Size: €2bn
Ranking: Senior Unsecured
Bookrunners: MS(B&D), SocGen, UBS
Maturity Date: 02-Jun-31 (5 years)
Coupon: Annual, act/act
Denominations: €0.01 x €0.01
Target Market: Eligible counterparties and professional clients only (all distribution channels)
Timing: May price today.
Settle: 02-Jun-26