EU bailout funds plan debt sale

The Eurozone’s bailout funds plan to issue another €3bn to €5bn (£2.6bn to £4.4bn) in bonds within the coming weeks to help to fund Portugal and Ireland’s multi-billion euro rescue funding packages, the EU said yesterday. The European Financial Stabilisation Mechanism (EFSM) and European Financial Stability Facility (EFSF) aim to sell a total of €15.3bn between 23 May and 15 July in four blocks of bonds, with five to ten year maturities and yields of about 3.6 to 2.7 per cent. It will be the fourth sale of the AAA-rated bonds by the funds.