PRESS RELEASE
7 October 2025

The European Stability Mechanism (ESM) Successfully Issues USD2 Billion Notes Due 2030

AO
A&O Shearman

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
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 notes due 2030.
United States

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 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 counsel 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, continuing our role as dealer counsel on all of ESM's USD bond issuances."

Diana Billik
Partner

Contributor

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.

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