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European Union Dual-Tranche Mandate

EGB SYNDICATION

EU Dual-Tranche mandate announced (details per market source):

  • New 5yr EUR Benchmark line maturing 5 December 2028
  • EUR Benchmark tap of existing 2.625% Green Benchmark maturing 4 February 2048 (ISIN: EU000A3K4DM9)
  • JLMs: Barclays, BNP Paribas, LBBW, Morgan Stanley and Nordea
  • The transaction will be launched Tuesday, subject to market conditions.
  • This is due to be the last syndication of 2023.
  • As we noted in our weekly issuance preview: "with E26bln out of E40bln of the EU's H2 target sold so far and only one further auction to follow this syndication, it could potentially be a dual-tranche transaction. We pencil in a E5-9bln total size but don't have a strong conviction of with bonds will be on offer."
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