Deutsche Bundesbank : Announcement of auction - 6-months Bills of the European Stability Mechanism (ESM)

Press release

Frankfurt am Main

19 January 2018

Page 1 of 2

Announcement of auction

6-months Bills of the European Stability Mechanism (ESM)

The European Stability Mechanism (ESM) will launch 6-months Bills of the European Stability Mechanism (ESM) by auction. An issue volume up to EUR 2 billion is envisaged.

Members of the "ESM Market Group" are entitled to bid. Bids are to be transmitted electronically through the Deutsche Bundesbank's ESM Bidding System (EBS). The Deutsche Bundesbank acts in the name and for the account of the ESM, which is the seller of the Bills. Bids must be for a par value of not less than EUR 1 million or an integral multiple thereof. The price bids must be expressed as full 0.00005 percentage points. It is possible to make non-competitive bids and to submit several bids at different prices. No yield bids will be considered. The bids accepted by the issuer will be allotted at the price specified in the bid. Non-competitive bids are filled at the weighted average price of the price bids accepted. The right to scale down bids is reserved.

Time schedule of the auction procedure:

Date of invitation to bid:	Monday, 22 January 2018
Bidding period:	Tuesday, 23 January 2018,
from 8:00 a.m. until 12:30 p.m. Frankfurt time
Value date:	Thursday, 25 January 2018
Settlement:	Delivery versus payment-settlement in the night-time processing
of Clearstream Banking AG Frankfurt, beginning on the eve of the
value date.

Deutsche Bundesbank, Communications Department

Frankfurt am Main 19 January 2018 Page 2 of 2

Characteristics of the new 6-months Bills of the European Stability Mechanism (ESM):

Maturity:	19 July 2018 (175 interest days)
ISIN:	EU000A1Z98L0
Common Code:	175738258
Denomination:	0.01 Euro
Envisaged issue volume:	Up to EUR 2 billion

In addition, the Auction rules for the issue of Bonds and Bills of the European Stability Mechanism (ESM) and the Special terms and conditions of the Deutsche Bundesbank for auctions of Bonds and Bills of the European Stability Mechanism (ESM) using the ESM Bidding System (EBS) shall apply. The Bills are issued under the ESM Debt Issuance Programme.

The ESM is exempt from Directive 2014/65/EU on markets in financial instruments (MiFID II) and does not constitute a manufacturer under the product governance rules set out in EU Delegated Directive 2017/593. The ESM is therefore not subject to the responsibilities conferred on manufacturers therein.

Deutsche Bundesbank, Communications Department