Commission issues €10 billion in its 9th syndicated transaction of 2026

The European Commission has raised €10 billion of EU-Bonds in its 9th syndicated transaction for 2026.

The dual-tranche transaction concerned a €5 billion tap of the 7-year EU-Bond maturing on 12 October 2033 and a €5 billion new 15-year EU-Bond maturing on 12 December 2041.

Building on the pricing of recent syndications against the EU Bond curve, both maturities were priced against reference points in the EU Bond curve. The approach reflects the growing liquidity of the EU-Bond curve, which can be used more frequently as a reliable reference point for pricing of syndicated issuances when deemed desirable.

Funds raised from EU issuances are used to support the European Union's political priorities, including support for a stronger, more competitive and resilient Europe, support to Ukraine and crucial investments in European defence.

The EU's total outstanding debt now stands at about €856.65 billion, of which €47.98 billion in the form of EU-Bills and €86.24 billion in the form of NextGenerationEU Green Bonds.

EU-Bond transactions (syndications and auctions) executed to date in H2 2026 [EUR billion]

A €5 billion tap of the EU-Bond due on 12 October 2033: this bond carries a coupon of 3.125 % and came at a re-offer yield of 3.775%, equivalent to a price of 96.076%. The spread to the EU-Bond maturing on 13 December 2032 is 9 bps, which is an equivalent spread to mid-swap of 28.6 bps, and 45.2 bps over the Bund due 15 August 2033 and 70.7 bps below the OAT due 25 November 2033.

The final order book was over €73 billion, with oversubscription rate of approximately 14.6-times.

A €5 billion new EU-Bond due on 12 December 2041: this EU-Bond carries a coupon of 4.25 % and came at a re-offer yield of 4.353 %, equivalent to a price of 98.886%. The spread to the EU-Bond maturing on 12 December 2040 is 7 bps, which is an equivalent spread to mid-swap of 74.8 bps, and 64.9 bps over the Bund due 15 May 2041 and 81.6 bps below the OAT due 25 May 20412.