---
title: "Deutsche Bundesbank invites bids for 3-month ESM Bills in Frankfurt am Main; Up to EUR 1.6 billion"
sdDatePublished: "2026-08-03T09:14:00Z"
source: "https://www.bundesbank.de/resource/blob/1004648/201c9a78691ca0d59da2214971d5f676/472B63F073F071307366337C94F8C870/2026-08-03-invitation-download.pdf"
topics:
  - name: "central bank"
    identifier: "medtop:20000350"
locations:
  - "Frankfurt am Main"
  - "Luxembourg"
---


Deutsche Bundesbank invites bids for 3-month ESM Bills in Frankfurt am Main; Up to EUR 1.6 billion

Press release invitation to bid Bills of the ESM

Deutsche Bundesbank, Communications Department
Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany
presse@bundesbank.de, www.bundesbank.de
Reproduction permitted only if source is stated.
Press release

Frankfurt am Main
3 August 2026
Page 1 of 2

Invitation to bid for
3-months Bills
of the European Stability Mechanism (ESM)

As already announced the European Stability Mechanism (ESM) is offering 3-months Bills of the
European Stability Mechanism (ESM) for sale by auction. An issue volume up to EUR 1.6 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 seller of the Bills. Bids must be for a par value
of not less than EUR 1 million or an integral multiple thereof. The yield bids must be expressed as
full 0.001 percentage points. It is possible to make non-competitive bids and to submit several bids
at different yields. No price bids will be considered. The bids accepted by the issuer will be
allotted at the yield specified in the bid. Non-competitive bids are filled at the weighted average
yield of the competitive bids accepted. The right to scale down bids is reserved.

Time schedule of the auction procedure:

Bidding period:
Tuesday, 4 August 2026,

from 8:00 a.m. until 12:30 p.m. Frankfurt time

Value date:
Thursday, 6 August 2026
Settlement:
 Delivery versus payment-settlement in the night-time processing of
Clearstream Europe AG, beginning on the eve of the value date.

Frankfurt am Main
3 August 2026
Page 2 of 2

Deutsche Bundesbank, Communications Department
Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany
presse@bundesbank.de, www.bundesbank.de
Reproduction permitted only if source is stated.
Characteristics of the new 3-months Bills
of the European Stability Mechanism (ESM):

Maturity:

5 November 2026 (91 interest days)

ISIN:

EU000A4DMLY0
Common Code:

345911090
Denomination:

0.01 Euro
Envisaged issue volume:
Up to EUR 1.6 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 and under Luxembourg law.

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.