- Global Commercial Paper
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The Treasury Department manages the Bank's short-term debt issuance through the EIB Global Commercial Paper programme (CP). 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.
The pricing of EIB's CP is competitive, offering an interesting pick-up over treasury bills, and while maturities are flexible to accommodate customer needs they are limited to one year in Europe and nine months in the US. EIB's commercial paper is marketed internationally by dealer groups situated on both sides of the Atlantic, as well as by the EIB itself, to a range of international institutional investors.
The Information Memorandum on EIB's Global Commercial Paper programme is available here.
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