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by Chris Reich
Aug 25, 2026 11:34 AM ET
European Stability Mechanism (ESM) exp Aaa/AAA/AAA/AAA (Moody's/S&P/Fitch/Scope - s/s/s/s) US$2bn 144A/Reg S 5y FXD sr unsec notes due 09/02/31. CACIB (B&D/DM)/Citi/TD joint active books. Denoms: 200,000 x 2,000. Governing Law: English. Listing: Luxembourg Stock Exchange. Pricing 08/25. Settle 09/02. 144A ISIN: US29881WAH51. Reg S ISIN: XS3486686333.
IPTs: MS+32 area (currently equiv to ~CT5+6.6).
GUIDANCE: MS+31 area. IOIs >$3.5bn (incl. $200m JLM). Deal size fixed at $2bn.
PRICED: $2bn 4.375% 9/2/31 99.867 4.405% MS+29 (CT5+4.1).