Commission Raises €8B in Sixth 2026 Syndicated Sale

European Commission

The European Commission has raised €8 billion of EU-Bonds in its 6^th syndicated transaction for 2026.

The dual-tranche transaction concerned a €3 billion tap 5-year EU-Bond, maturing on 14 October 2030 and a €5 billion tap of the 15-year EU-Bond, maturing on 12 December 2040.

Building on the pricing of the syndications over the previous three months, the 15-year tap was priced against a reference EU-Bond, and the 5-year EU-Bond was priced against the swap. The approach reflects the growing liquidity of the EU-Bond curve, which can be used as a reliable reference point for pricing of syndicated issuances when deemed desirable.

The transaction is part of the Commission's €100 billion funding target for the first half of 2026 (with €91.8 billion issued since January 2026). The next transaction in the EU's indicative issuance calendar is an EU-Bill auction on 17 June 2026. In line with the EU funding plan, the Commission will finalise its EU-Bond issuances for this semester with an up to €7 billion auction on 22 June 2026 and a related subsequent non-competitive offer. The Commission's funding plan for the second half of the year will be published, as per standard practice, before end of June 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.

The EU's total outstanding debt now stands at about €825.8 billion, of which €39.9 billion in the form of EU-Bills and €82.7 billion in the form of NextGenerationEU Green Bonds.

EU-Bond transactions (syndications and auctions) executed to date in the first half of 2026 [EUR billion]

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Today's bond syndication

5-year Bond tap

A €3 billion tap EU-Bond due on 14 October 2030: this EU-Bond carries a coupon of 2.5% and came at a re-offer yield of 2.940%, equivalent to a price of 98.226%. The spread to mid-swap is 5 bps, and 19.2 bps over the Bund due 10 October 2030 and 7.2 bps below the OAT due 25 May 2030.

The final order book was over €64.5 billion, with oversubscription rate of approximately 21.5-times.

15-year Bond tap

A €5 billion tap of the EU-Bond due on 12 December 2040: this EU-Bond carries a coupon of 3.625% and came at a re-offer yield of 3.835%, equivalent to a price of 97.670%. The spread to the EU-Bond maturing on 4 October 2039 is 10 bps, which is an equivalent spread to mid-swap of 59.1 bps, and 43.7 bps over the Bund due 15 May 2041 and 28 bps below the OAT due 25 May 2040.

The final order book was over €96.5 billion with an oversubscription rate of approximately 19.3-times.

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