EFSF to raise 58 bln eur l-t debt in 2013, ESM launching bills
BERLIN Dec 19 (Reuters) - Europe's EFSF rescue fund is expected to raise 58 billion euros in long-term funding in 2013 to finance aid programmes for Ireland, Portugal and Greece, while the new ESM fund will launch a bill programme from January and a first bond in the second half of next year, the funds said on Wednesday.
The Luxembourg-based funds, which are being run alongside each other, said the ESM will finance the rollover of two bills launched earlier this month for the recapitalisation of the Spanish banking sector for an amount of 8.97 billion euros next year.
"The ESM will also be responsible for the financing of future macroeconomic assistance programmes," the funds said in a statement. "The ESM bill programme is expected to cover funding needs for the first half of the year with an inaugural bond issuance expected from ESM in the second half."