Commentary & Deal Flow

The European Union, rated Aaa/AA+/AAA/AAA (Moody's/S&P/Fitch/Scope), has mandated Deutsche Bank, HSBC, LBBW, Morgan Stanley (DM/B&D) and Societe Generale as Joint Lead Managers for its upcoming € Fixed Rate Reg S Bearer dual tranche transaction.

The transaction will comprise a new 5-year benchmark due 13-Oct-31 and a tap of the EU 4.000% Oct-46 (ISIN: EU000A4ES497). The offering will be launched in the near future, subject to market conditions.

• Target Market: Professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II.
• Stabilisation: FCA/ICMA stabilisation.
• Fees: Joint Lead Managers will be paid a fee in connection to the transaction.