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  • Benchmark / reference bonds are characterised by large and liquid issuance sizes, using benchmark maturities, and with a regularity of issuance. The bulk of EIB's bonds  are issued in benchmark size: in euro in the EARN format, in the Global format in US dollars and in sterling under the GBP benchmark programme. EIB's benchmark bond issues have historically offered a yield pick-up in excess of the sovereign benchmark. In addition to the benchmark  issues in the core currencies, EIB also provides benchmark size issues in a number of other currencies. For example, in 2016 EIB launched a benchmark PLN issuance programme - in order to support its lending operations in Poland - and has since then quickly built up a liquid curve. For more information on EIB's benchmark issuance in its three core currencies, see the links below:

    Furthermore, in Euro EIB provides ECoop issues which seen as complementary to the EUR benchmark transactions, see ECoop issuance.

    Targeted issuance - plain vanilla and structured

    Targeted or tailor-made issuance is another cornerstone of the EIB's funding strategy.  Frequent tailor-made issuance takes the form of plain vanilla or structured notes, with a flexible approach in terms of product, currency, maturity and size. This issuance addresses specific investor needs or niche opportunities, via public or private placements, through a diverse and continuously changing array of structures. Structures used in the past include interest rate-linked, currency-linked (synthetic), inflation-linked and swap-rate linked notes. Targeted issuance has also included callables, particularly in USD.

    Tailor-made products such as USD callable bonds - in a format allowing access to sizeable local portfolios - are linked to EIB’s ongoing efforts to diversify the investor base by further penetrating existing markets, as well as reaching out to investors in new markets or to smaller investors. Callable structures are also sold to retail investors in some jurisdictions. Moreover, part of EIB's role as an EU-institution has been to develop capital markets across the EU.

    Green Bonds

    EIB issues Green Bonds, labelled Climate Awareness Bonds (CAB), whose proceeds are dedicated to climate action projects.

    Sustainability Awareness Bonds

    EIB also issues sustainability bonds, labelled Sustainability Awareness Bonds (SAB), whose proceeds are linked to sustainability objectives beyond climate.

    Global Commercial Paper

    Finally, at the short end of the yield curve the EIB issues through its Global Commercial Paper (CP) Programme which is managed by the Treasury Department. The programme size is unlimited, and issuance is possible in a range of currencies in either ECP or USCP format. It is issued in New Global Note format and is STEP compliant, meaning that it is eligible as collateral for the open market operations of the European Central Bank.


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  • Last modified-on: 28-01-2021