(Corrects to show previous bond sales were in 2013)
By John Geddie and Alex Chambers
LONDON, Feb 24 (IFR) - The European Stability Mechanism, rated Aa1/AAA by Moody‘s/Fitch, is set to issue its first benchmark bond of the year on Tuesday, said a lead manager hired to sell the new seven-year issue.
The ESM announced on Monday it had hired Credit Agricole, Goldman Sachs and SG CIB to manage the sale of a new seven-year benchmark, its third debt issue since inception following five- and 10-year bond sales in 2013.
The new issue, expected to mature in March 2021, is being marketed to investors at mid-swaps plus 9bp area, equivalent to a yield of just over 1.50%. (Reporting by Alex Chambers and John Geddie, editing by Julian Baker)