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Tuesday, October 20, 2020

The bonds that will finance the SURE programme are issued


News The EU has mandated five banks to issue the first EU bonds that will finance the SURE programme to support employment in the Union. Demand for the bonds is far exceeding expectations.

The mandate to issue the first bonds that will finance the European Employment Support Fund SURE (temporary support to alleviate the risks of unemployment in case of emergency) has been awarded to Barclays, Bnp Paribas, Deutsche Bank, Nomura and Unicredit in the role of lead manager. The issuer's rating is AAA by Fitch, Aaa by Moody's and AA by S&P. The first issue with a 10-year maturity has already generated demand for €95 billion. Demand for the 20-year bond issue has reached €55 billion. In total, demand for the first two issues thus amounts to €150 billion. It is expected to have been around €15 billion.

The European Commission had announced that the bonds would be issued after the Council had approved the financial support requested by the 16 Member States that have chosen to take part in the SURE programme.


Source :  Euractiv


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