The European Union today drew the highest demand for any bond sale ever as it kicked off financing of its SURE unemployment scheme, bankers said, attracting orders nearly 14 times the €17 billion it aims to raise.
The plan will in time make the EU, currently a tiny borrower on a par with Slovakia, one of Europe's biggest borrowers."This is sending a strong signal that they can upsize their issuance without much difficulties," said Antoine Bouvet, senior rates strategist at ING. Investors are watching the pricing closely to see how much it might cost the EU to ramp up its borrowing at such speed.
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