European Union will be bond market’s new behemoth

More than 600 investors joined a conference call held by the European Union on Oct. 7 to lay out plans for bond issuance to finance the bloc’s unemployment assistance programme, SURE.

The EU will sell up to 100 billion euros of debt in 2020 and 2021 through the Support to Mitigate Unemployment Risks in an Emergency programme, through which the EU provides loans to member states to fund job assistance schemes. Around 87 billion euros of loans have been approved so far. The EU also plans to raise up to 800 billion euros for its Next Generation EU pandemic assistance programme between 2021 and 2026, with much of that front-loaded in 2021 and 2023.

The EU, which has around 50 billion euros of outstanding debt, is rated Aaa by Moody’s and AAA by Fitch, the highest possible credit rating. Standard & Poor’s grades it lower, at AA.

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