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EFSF enters new phase with three-month sale

The European bailout fund, whose recipients are in need of long term financing, finds success in first auction of short-dated securities

The European Financial Stability Facility entered a new phase in its development as an issuer yesterday with the launch of its first auction of short-dated securities.

Demand for the three-month paper was high with bids exceeding the €1.97bn issued by three times, according to the arranging banks.

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