The European Commission raised €9 billion of EU-Bonds in its 4th syndicated transaction for 2026. The Commission is empowered by the EU Treaties to borrow from the international capital markets on behalf of the European Union to finance selected EU policy programmes.
The dual-tranche transaction concerned a €3 billion tap of the 3-year EU-Bond, maturing on 12 July 2029, and a €6 billion new 20-year EU-Bond, maturing on 12 October 2046. Building on the successful pricing of the March syndication against the EU Bond curve, a differentiated pricing strategy was applied across the two maturities, with the 3-year bond priced against the swap curve and the new 20-year bond priced against a reference point in the EU Bond curve. This approach helped mitigate pricing risks for participating investors in the new long maturity tranche and is reflecting the growing liquidity of the EU Bond curve, which can be used as a reliable reference point pricing of syndicated issuances when deemed desirable.
The transaction is part of the Commission’s €90 billion funding target for the first half of 2026, with €61.3 billion issued since January 2026. These funds will be 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.
