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Commentary & Deal Flow

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by Stuart Aylward

May 26, 2026 8:51 AM ET

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

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
European Stability Mechanism	5yr	2.75%	02-Jun-31	€2bn	Sr Unsec	Fixed	99.439	2.875%	MS+8a	MS+6	-2

Reoffer: 5yr: MS+6bp / 99.439 / 2.875%
Benchmark: 5yr: OBL 2.5 16-Apr-31, spread +19.00bp

Final Books: Over €12bn

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

Issuer: European Stability Mechanism (ESM)
ISIN: EU000A1Z99Z8
Format: Reg S, Bearer
Size: €2bn
Ranking: Senior Unsecured
Settle: 02-Jun-26
Maturity Date: 02-Jun-31 (5 years)
Coupon: 2.75%, Annual, act/act
Denominations: €0.01 x €0.01
Bookrunners: MS(B&D), SocGen, UBS
Target Market: Eligible counterparties and professional clients only (all distribution channels)