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Commentary & Deal Flow

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by Oleksandr Vynychuk

Jul 07, 2026 3:10 AM ET

NEW ISSUE: European Union €10bn 5yr & 20yr Sr Unsec; EU 2.5% 10/30+12a & EU 3.75% 10/45+8a

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	ISIN
European Union	5yr	13-Oct-31	€5bn	Sr Unsec	Fixed	EU 2.5% 10/30+12a	EU000A4EXVK3
European Union	20yr	12-Oct-46	€5bn	Sr Unsec	Fixed	EU 3.75% 10/45+8a	EU000A4ES497

Guidance: 5yr: EU 2.5% 10/30+12a 20yr: EU 3.75% 10/45+8a

Issuer: European Union
LEI: 529900FZRK8FGMPEOM08
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: 07-Jul-26
Settlement: 14-Jul-26 (T+5)
Maturity:
- 5yr: 13-Oct-31
- 20yr: 12-Oct-46
Tranche Size:
- 5yr: €5bn
- 20yr: €5bn (TAP, current OS: €6bn)
Coupon:
- 5yr: TBC, Fixed, short first
- 20yr: 4.000%, fixed, incl. 84 days accrued, short first
Day Count: Ann, ACT/ACT ICMA
ISIN:
- 5yr: EU000A4EXVK3
- 20yr: EU000A4ES497 (immediately fungible)
Denominations: €1
Listing: Luxembourg Stock Exchange’s Regulated Market
Governing Law: Luxembourg
Docs: In accordance with the Issuer's Debt Issuance Programme
JLMs: DB, HSBC, LBBW, MS (DM/B&D), SG
Target Market: The target market for the Bonds is professionals, retail and eligible counterparties (all channels for distribution), each as defined in MIFID II.
Timing: Books Open, Today's Business