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Commentary & Deal Flow

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by Jp Albin

Apr 14, 2026 3:11 AM ET

NEW ISSUE: European Union €8bn Dual Tranche (TAP of 3yr & new 20yr) Sr Unsec; MS+5a & EU 3.75% 10/45+7a

IGC European Market: Deal Flow - GeneralIGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	ISIN
European Union	3yr	12-Jul-29	€3bn	Sr Unsec	Fixed	MS+5a	EU000A4ENP68
European Union	20yr	12-Oct-46	€5bn	Sr Unsec	Fixed	EU 3.75% 10/45+7a	EU000A4ES497

Guidance: 3yr: MS+5a 20yr: EU 3.75% 10/45+7a

Issuer: European Union
Ratings: Aaa/AA+/AAA/AAA (Moody's/S&P/Fitch/Scope)
Risk Weighting: 0%
Format & Type: Reg S (Category 1) Bearer (TEFRA Rules apply, no communications with or into the US or Canada (excluding Ontario)), NGN
Trade Date: 14-Apr-26
Settlement: 21-Apr-26 (T+5)
Maturity:
- TAP: 12-Jul-29
- New 20-year: 12-Oct-46
Tranche Size:
- TAP: €3bn (current outstanding €6bn)
- New 20-year: €5bn
Coupon:
- TAP: 2.375%. Fixed, short first
- New 20-year: TBD, fixed, short first
Day Count:
- TAP: Ann, ACT/ACT ICMA
- New 20-year: Ann, ACT/ACT ICMA
Guidance:
- TAP: MS + 5 bps area
- New 20-year: EU 3.750% 10/45 + 7 bps area
ISIN:
- TAP: EU000A4ENP68 (immediately fungible)
- New 20-year: EU000A4ES497
Denoms: €1
Listing: Luxembourg Stock Exchange’s Regulated Market
Law: Luxembourg
Docs: In accordance with the Issuer's Debt Issuance Programme
JLMs: Citi, Deutsche Bank (B&D/DM), HSBC, Natixis and Nomura
Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II
Schedule: Books Open, Today's Business