First tranche of bonds backing its recovery fund sold successfully
The EUs Von Der Leyen says:
- EU as raised €20 billion in 10 year bond sale to back at the recovery fund
- Bonds were oversubscribed by 7x
- We have completed assessment of several nation plans
- We will be very vigilant to make sure implementation of plans is rigorous
- EU Hahn says that more than half of the issuance went to EU countries
The EU sale of bonds is the first of its kind and is designed to back its recovery fund from the coronavirus pandemic. The sale of €20 billion is the start of up to €800 billion of debt issuance between now and 2026. The debt will back grants and loans to member states.