The European Stability Mechanism (ESM) is selling €1bn of ultra-long debt after its decision to approve a new installment of aid to Greece as part of the country’s multi-billion euro bailout, Financial Times reports.

Barclays, Deutsche Bank and Goldman Sachs will arrange the sale of  the 40-year bond which is expected to be priced at about 1.865%, 40 basis points above benchmark bond rate applied in eurozone.