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Commentary & Deal Flow

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European Union (EU)

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European Union (EU)

by Anna Tkachenko

Jul 07, 2026 8:30 AM ET

PRICED: European Union €11bn 5yr & 20yr Sr Unsec; EU 2.5% 10/30+10bp & EU 3.75% 10/45+6bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
European Union	5yr	2.875%	13-Oct-31	€6bn	Sr Unsec	Fixed	99.662	2.947%	EU 2.5% 10/30+12a	EU 2.5% 10/30+10	-2
European Union	20yr	4.000%	12-Oct-46	€5bn	Sr Unsec	Fixed	99.759	4.018%	EU 3.75% 10/45+8a	EU 3.75% 10/45+6	-2

Reoffer: 5yr: EU 2.5% 10/30+10bp / 99.662 / 2.947% 20yr: EU 3.75% 10/45+6bp / 99.759 / 4.018%
Benchmark: 5yr: EU 2.5% 10/30 @ 98.615 / 2.847% / HR 122% 20yr: EU 3.75% 10/45 @ 97.215 / 3.958% / HR 105%

5yr: Final Books > €83bn (incl. €6.1bn JLM)
20yr: Final Books > €94bn (incl. €4.65bn JLM)

Launched:
5yr: €6bn @ EU 2.5% 10/30+10bp - Books > €62bn (incl. €6.1bn JLM)
20yr: €5bn @ EU 3.75% 10/45+6bp - Books > €72bn (incl. €4.65bn JLM)

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

Issuer: European Union (EU)
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)
Tranche:
- NEW Oct-2031
- TAP Oct-2046
Maturity:
- NEW Oct-2031: 13-Oct-31
- TAP Oct-2046: 12-Oct-46
Tranche Size:
- NEW Oct-2031: €6bn
- TAP Oct-2046: €5bn (new OS: €11bn)
Coupon:
- NEW Oct-2031: 2.875%, Fixed, short first, Ann, ACT/ACT ICMA
- TAP Oct-2046: 4.000%, fixed, incl. 84 days accrued, short first, Ann, ACT/ACT ICMA
Spread:
- NEW Oct-2031: EU 2.5% 10/30 + 10 bps
- TAP Oct-2046: EU 3.75% 10/45 + 6 bps
Reoffer:
- NEW Oct-2031: 99.662 / 2.947%
- TAP Oct-2046: 99.759 / 4.018%
EU ref:
- NEW Oct-2031: EU 2.5% 10/30 spot @ 98.615/2.847%; HR 122%
- TAP Oct-2046: EU 3.75% 10/45 spot @ 97.215/3.958%; HR 105%
Bund ref:
- NEW Oct-2031: OBL 2.5 04/31s spot @ 99.155 +26.0bps
- TAP Oct-2046: DBR 2.5 08/46s spot @ 86.213 +55.5bps
ISIN:
- NEW Oct-2031: EU000A4EXVK3
- TAP Oct-2046: 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: PRICED. TOE NEW Oct-2031: 14:18 CET. TOE TAP Oct-2046: 14:17 CET. FTT: Immediately for both tranches.