On 21 October 2020, the European Commission issued for the first time €17 billion in social bonds under the EU’s SURE instrument to protect jobs and workers. Following the very positive reception on the capital markets of this first wave of issues and the continued fragility of the current economy resulting from the Covid 19 crisis, on 10 November 2020, the European Commission again issued social bonds in the framework of the EU SURE instrument, this time for a total value of €14 billion.

The social bond issue of 10 November 2020 consists of two bonds: €8 billion due for repayment in November 2025 and €6 billion due for repayment in November 2050. The issuance has received an overwhelming response in the capital markets and the terms on which the Commission borrows are passed on directly to the beneficiary Member States.
The bonds issued by the EU under SURE benefit from a social bond label. This provides investors with confidence that the funds mobilised will serve a truly social objective.

The SURE instrument can provide up to €100 billion in financial support to all Member States. The Commission has so far proposed to make €90.3 billion in financial support available to 18 Member States. The next disbursements will take place over the course of the months ahead, following the respective bond issuances.
At the end of October, Italy, Spain and Poland already received a total of €17 billion under the EU SURE instrument. Once all SURE disbursements have been completed to the 9 countries receiving financial support today, Croatia will receive €1 billion, Cyprus €479 million, Greece €2.7 billion, Italy €27.4 billion, Latvia €192 million, Lithuania €602 million, Malta €244 million, Slovenia €1.1 billion and Spain €21.3 billion.