The EIB cannot offer any advice with respect to the purchase or sale of securities. You need to contact your financial advisor or intermediary.

Investing in debt securities carries risks, especially in the case of structured or long-dated securities. Financial intermediaries who recommend investments in securities issued by the EIB should ensure that the investors understand the risks attached to such investments.

The price of any bond, not only EIB bonds, varies during its life and therefore the investor might not receive an amount equal to the amount to be received at maturity in case of a sale before maturity.

Plain vanilla bonds are, among other factors, affected by the evolution of the market interest rates and a potential change in the market's perception on the issuer's credit standing. The evolution of the exchange rate of the currency in which the bond is denominated could also affect the price of the bond.

The evolution of the price of structured products is subject to the specific characteristics of the bond.

It is very important that, before any investment decision is taken by an investor, the investor thoroughly understands the specific characteristics of the bond (e.g. maturity, coupon structure and currency of denomination), risk factors associated with such characteristics and the appropriateness of the bond for the investor's portfolio. In any event, investors, and in particular retail investors, should seek professional advice prior to taking a decision.

If you would like to sell your EIB bonds before maturity, you need to contact your financial intermediary.

In general, large issues of plain vanilla EIB benchmark bonds enjoy a higher degree of liquidity, which means that they are frequently traded and therefore easier to sell. Bonds issued in small amounts may typically have a lower level of liquidity.

Price quotes on the most liquid and recent issues are shown by professional bond market participants on electronic trading platforms and on the Reuters and Bloomberg information systems. Particular pages are attributed to the largest EUR, GBP and USD issues on the Reuters system ("EIBEARN01", "EIBGBP01" and "EIBUSD01"), and in Bloomberg (EIB). Should you not have access to these information systems, please contact your usual intermediary to request current prices.

Other publicly available media may also publish price quotes on selected EIB issues taken from stock exchanges and market participants. It is important to remember that bond prices listed in newspapers are a snapshot; during the day bond prices fluctuate and therefore the quoted price may vary depending on the trading activity during the day. New issues are announced on the Reuters and Bloomberg systems and may be reported by other channels such as the financial media.

In recent years, the EIB funding needs stabilised between 60 and 70bn per year, having reached an average of 65bn between 2010 and 2020. The largest source of funding is typically the issuance in the following currencies: EUR, USD and GBP, which together account for around 85% of the programme.

Annual issuance volume from 2010 to 2020

The EIB currently enjoys the highest credit rating, a triple-A rating, with the 3 major credit rating agencies (Moody's, Standard and Poor's, and Fitch). EIB credit strengths include strong asset quality and capitalisation, robust liquidity and continued support from the Bank’s shareholders.

However, it is very important that, before any investment decision is taken by an investor, the investor thoroughly understands the specific characteristics of the bond (e.g. maturity, coupon structure and currency of denomination), risk factors associated with such characteristics and the appropriateness of the bond for the investor's portfolio. In any event, investors, and in particular retail investors, should seek professional advice prior to taking a decision.

The sizes of bond issues mainly vary from around EUR 10 million to EUR 5,000 million equivalent. Issues in smaller amounts are in general either sold also to retail investors or tailor-made for institutional investors. Issues in large amounts include benchmark bonds in EUR, GBP and USD which can also be sold to retail investors.

Additional tranches/taps of an issue are often launched in order to increase the total outstanding size of the issue.

Bond maturities range from one year and up. Commercial paper and other short-term instruments may be offered with maturities from one to 364 days.

A principal-protected security aims to assure receipt of 100% of face value (in the denomination currency) by the investor at maturity and only at maturity. If an investor decides to sell a principal-protected bond prior to its maturity it may have to realize a loss of principal.

The EIB is a non-profit maximising, policy-driven public organisation. With the funds raised in the market, the EIB provides long-term financing for sound investment projects. Inside the European Union, the EIB supports the EU's policy objectives, notably in the areas of increasing growth and employment potential, fostering social cohesion and environmental sustainability.

Benchmark bonds are large volume issues with standard features such as fixed interest rate coupons and redemption only at final maturity (so-called plain vanilla transactions). The EIB has built up large size issues across a range of maturities in EUR, GBP and USD.

Structured issues are characterised by unforeseeable coupon and/or redemption amounts (however, issues linked to standard interest rate indices like EURIBOR are not considered structured issues).

The denomination of a particular bond varies from bond to bond and may also be termed "face value". Issues aiming to enhance access for retail investors may have nominal amounts ranging from EUR 100 to EUR 1,000. Issues targeted  to institutional investors only may have larger denominations.

This will depend on the laws and regulations of the country where the bondholder is resident for tax purposes. In some countries, EIB bonds may be treated as government bonds; in others they may be treated in the same way as bonds issued by private companies. In some countries, the tax status may vary depending on the currency of issue. For further information, bondholders should consult their own tax authority and an appropriate professional adviser.

EIB bonds span a wide range from large benchmark/reference issues to smaller targeted issues.

With the aim of creating large reference issues with a high degree of liquidity, the EIB has built up in recent years a series of benchmark issues all across a range of maturities in the Bank’s core currencies: EUR, GBP and USD.

The EIB securities are mostly listed on one or more stock exchanges. The EIB Eurobonds are mainly listed on the Luxembourg and/or the London Stock Exchanges. Securities launched on the basis of documentation particular to a country will generally be listed in that country. While the vast majority of issues are listed, some public bonds and private placements may - accommodating the wishes of investors - not be listed on an exchange.

Clearing of EIB bonds takes place through one or more clearing systems (as specified in the documentation of the particular bond issue) such as Euroclear, Clearstream, CREST and the Depository Trust Company (DTC).

Fiscal and paying agents are specialized units of major banks.

The EIB does not generally sell its bonds directly to investors. EIB bonds are sold through financial intermediaries. Should you require advice for your specific investment needs or wish to invest in one of EIB's securities we suggest that you contact your bank or financial adviser.

You can find general information on bonds for example from the following website, created by the Securities Industry and Financial Markets Association: www.investinginbondseurope.org

EIB bonds are of high credit quality, which means there is a lower risk to investors of not receiving their coupon payments or the final payment.

However, the price of and returns on fixed income products are affected by market conditions (e.g. evolution of interest rates) which needs to be taken into account, in particular if an investor has the intention to sell the bonds before maturity.

Investors who hold bonds denominated in a currency that is considered by them a foreign currency also take currency risk. Such investors may find that the foreign currency returns on those bonds, when converted back into their home currency, are less than they expected due to movements in foreign exchange rates. Investors also take the risk of any foreign exchange controls to which the currency may be, or may become, subject.

It is, therefore, very important that, before any investment decision is taken by an investor, the investor thoroughly understands the specific characteristics of the bond (e.g. maturity, coupon structure and currency of denomination), risk factors associated with those characteristics and the appropriateness of the bond for the investor's portfolio. In any event, investors, and in particular retail investors should seek professional advice regarding any such investment prior to taking a decision.