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Luxembourg state to set-up new 10-year loan
Economics

Luxembourg state to set-up new 10-year loan

09.03.2012 From our online archive
Luxembourg is preparing to set-up a new ten year loan, reported Reuters news agency on Thursday. BCEE, BGL BNP Paribas, BIL and SG CIB have been instructed to place the loan that should be completed by next week.

(ADW) Luxembourg is preparing to set-up a new ten year loan, reported Reuters news agency on Thursday. BCEE, BGL BNP Paribas, BIL and SG CIB have been instructed to place the loan that should be completed by next week.

The total amount has not yet been specified but the possibility of a loan is included in the country’s 2012 budget. According to some reports, this could be 500 million euros. In fact Finance Minister Luc Frieden, had already mentioned this figure in terms of a loan, to finance the budget deficit.

The last loan set-up by the Grand Duchy was in May 2010. The state issued a loan of 2 billion euros over ten years. The amount was raised at that time, in just a few hours from 115 investors.