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The European Stability Mechanism (ESM) successfully issues USD2 billion amortizing notes due 2030

The European Stability Mechanism (ESM) successfully issues USD2 billion amortizing notes due 2030
Published Date
Oct 3 2025
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Image of Diana Billik
Diana BillikPartner, Paris
Image of Sarah Capella
Sarah CapellaCounsel, Rome
Image of Georges Haddad
Georges HaddadAssociate, London
Image of Edoardo Brugnoli
Edoardo BrugnoliAssociate, Rome
A&O Shearman has successfully advised the joint lead managers in connection with the ESM's latest U.S. dollar bond offering. The ESM has issued USD2bn in amortizing notes due 2030. The proceeds from this issuance will be utilized for general operations of the ESM.

The transaction team was led by partner Diana Billik with associate Georges Haddad on U.S. law matters, and partner Sarah Capella and associate Edoardo Brugnoli on EU and UK law matters.

“ESM is a benchmark supranational borrower in the U.S. dollar market. This transaction underscores the continued depth of USD demand for high‑quality sovereign, supranational and agency issuers. We were pleased to advise the joint lead managers on this Rule 144A/Regulation S issuance.”

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