February 25, 2014 / 9:07 AM / in 4 years

CORRECTED-ESM picks banks for seven-year bond sale

(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)

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