The European Commission, which issues EU-Bonds on behalf of the EU, has raised 9 billion euros in a dual-tranche transaction in its sixth syndicated transaction for 2023. It consisted of two tranches:

• a new 3-year line due on 5 October 2026 (under which 5 billion euros were issued);
• a tap of a 30-year bond due in March 2053 (under which 4 billion euros were raised).

During this Europe Day transaction investors placed bids for a total of 29 billion euros, for the 3-year bond, and 59 billion euros for the 30-year tap. This equals oversubscription rates of nearly 6 times and nearly 15 times, respectively.

The proceeds of this transaction, will be used to support the NextGenerationEU recovery programme and the Macro-Financial Assistance+ programme for Ukraine, in line with the Commission's approach of issuing single branded “EU-Bonds” rather than separately labelled bonds for individual programmes.

With this transaction, the Commission has exceeded 70% of its 80 billion euros funding target for the first half of 2023. Out of these 80 billion euros funding target, some 70 billion euros will be directed to the NextGenerationEU recovery programme, and around 10 billion euros to the Macro-Financial Assistance+ programme for Ukraine. A full overview of all transactions executed to date is available online.

You can find a more detailed overview here.