The European Commission has today collected 11 billion Eurobonds issued by the EU in the eighth union operation of 2025, K solving a boom of requests equal to over 18 times the amount placed,. A confirmation of the attractiveness of Eurobonds, but also of more conspicuous flows of capital to the euro area.
The placement
The double tranche operation concerned a new 5 -year bond, expired on October 14, 2030, located for an amount of 5 billion euros, and a bond at 30 years of age, expired on 12 October 2055, placed for an amount of 6 billion euros. The requests received were higher than 92 billion euros on the 5 -year title and 107 billion euros on the title at 30 years. This is equivalent to 18.4 times and 18 times the offer.
The joint lead managers of this operation were Barclays, Bofa, Crédit Agricola, Lbbw and Morgan Stanley.
The characteristics of the titles
The five -year Bond, expiring on 14 October 2030, has a coupon of 2,500%and has reached a yield of 2.520%, equivalent to a price of 99,903%. The MID -SWAP spread is 22 BPS, equal to 29.5 BPS compared to the Bund expiring on 10 October 2030 EA -16.2 BPS below the expiring oat on 25 November 2030.
The Bond at 30 years of age, expiring on 12 October 2055, this security has a 4,000%coupon and has reached a return of 4.085%, equivalent to a price of 98.538%. The MID -SWAP spread is 119 BPS, which is equivalent to 79.6 BPS on the Bund expiring on August 15, 2056 and -24.3 BPS below the OAT expiring on 25 May 2055.
The use of proceeds and previous emissions
The proceeds of the operation will be used to finance the strategic EU programs, in particular in the context of Nextgenerazionau and support for Ukraine.
The Commission has now issued 30.04 billion euros of its financing objective of 70 billion euros for the second half of 2025. With today’s operation, the EU now has 528.23 billion euros in EU bonds as part of the unified financing approach. EUR proceeds collected of the income, over 348.58 billion have been paid to the Member States as part of the device for the recovery and resilience Nextgenerationau. Another 74.45 billion of EUR have been assigned to other EU programs that benefit from Nextgenerationau funding. In addition, almost 19.25 billion of EUR have been paid to Ukraine as part of the Ukraine instrument, which will finance up to 33 billion EUR in Loans in Ukraine between 2024 and 2027 Russians seized.
