EIB in the news

  • EIB embraces Sofr ‘shift’

    The European Investment Bank is out with its first Sofr-linked floating rate note structured with a ‘shift’ coupon calculation rather than the ‘lag’ methodology which it introduced to the Sofr FRN market in June 2019.

    • 04.15 PM
  • €14bn floods EIB’s order book

    The European Investment Bank raised €3bn on Tuesday with a five year deal, receiving €14bn of orders for a deal capped at €3bn.

    • 11 Feb 2020
  • EIB and Quebec open the floodgates for dollar SSA market

    The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.

    • 04 Feb 2020
  • SSA secondary pricing update: Big fat Greek rally

    Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 3. The source for secondary trading levels is ICE Data Services.

    • 04 Feb 2020
  • EIB to reopen dollar SSAs following Asian hols

    The European Investment Bank will bring the first dollar deal from a public sector borrower following the extended Lunar New Year holiday, with SSA bankers expecting plenty more supply to follow in the currency.

    • 03 Feb 2020
  • EIB: standard-bearer of sustainable finance

    For well over a decade, the cornerstone of the European Investment Bank’s sustainability funding policy has been the conviction that the financial services industry has a pivotal role to play in spearheading the battle against climate change. As the EU’s climate bank, it has also consistently recognised its responsibility for developing best practice, which in turn helps promote enhanced environmental and social standards across the global financial community.

    • 31 Jan 2020
  • EU regulations could slow €STR growth

    Few MTN issuers have so far issued in the Libor-replacing euro short term rate (€STR) format, with deals limited so far to supranationals, agencies and, this week, a sub-sovereign. Some bankers blame the 2017 EU Prospectus Directive for tightening up the rules on adding new indices to programmes, leaving non-exempt issuers on the sidelines.

    • 30 Jan 2020
  • EIB GBP750m 0.75% Jul 27

    • 23 Jan 2020
  • EIB USD1bn FRN Jan 23

    • 23 Jan 2020
  • Supra duo tap SRI Kangaroos

    Two supranationals hopped into the Kangaroo market with environmental, social governance (ESG) bond taps this week, in a move that is becoming increasingly popular. With a local holiday this weekend marking the end of antipodean summer, bankers expect Australian dollar issuance to restart in the next few weeks.

    • 23 Jan 2020
  • Kommuninvest readies first benchmark of 2020

    Swedish issuer Kommuninvest is preparing to launch its first deal of 2020 — a five year Swedish krona note.

    • 23 Jan 2020
  • EIB impresses with double sterling and dollar grab

    The European Investment Bank doubled up in capital markets on Wednesday, hitting screens for a fixed rate sterling benchmark and a Sofr-linked floating rate dollar note.

    • 22 Jan 2020
  • EIB out with first SSA Sofr of 2020

    The European Investment Bank is keeping a busy pace in capital markets, mandating banks on Tuesday for its sixth syndicated transaction of the year in a core currency.

    • 21 Jan 2020
  • Danish investors get green fingers

    A pair of supranationals have reopened Danish krone green bonds. Domestic interest in SSA paper has grown over the last year, with green issuance a primary driver.

    • 21 Jan 2020
  • Spain smashes euro SSA book record as Italy and Belgium line up

    Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.

    • 14 Jan 2020
  • EFSF grabs big book for 30 year as EIB, CEB and sovereigns hit screens

    The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals.

    • 13 Jan 2020
  • EIB USD4bn 1.625% Mar 25

    • 09 Jan 2020
  • SSAs and FIG seize sizzling sterling amid Brexit bounce

    The sterling bond market, usually buoyant enough at the start of a year, got a Brexit boost this week, allowing public sector borrowers and financial institutions to take full advantage. Investors piled into deals following greater clarity on the UK’s looming exit from the EU but before possible volatility around the January 31 departure date. Burhan Khadbai and David Freitas report.

    • 09 Jan 2020
  • Supras and agencies notch big wins despite unrest

    The public sector debt market has had a superb start to 2020, breaking records right and left in defiance of geopolitical tensions that, in previous years, would have scuppered the market as it left the dock, writes Lewis McLellan.

    • 09 Jan 2020
  • Maple market opens with green shoots

    A pair of supranationals opened the Maple market with sustainability bonds this week. The Canadian green market is “going through a growth phase” as more and more domestic investors show interest in the product, according to bankers.

    • 09 Jan 2020
  • EIB breaks euro book record, World Bank prints joint-biggest size

    The European Investment Bank and World Bank kept the strong momentum flowing in the euro public sector bond market on Thursday, hitting the sweet spot with 10 and seven year benchmarks, respectively.

    • 09 Jan 2020


EIB data breakdown

Sources: EIB, Dealogic

Credit rating Aaa/AAA/AAA
Basel II risk weighting
0%
Headquarters
98-100, 
Boulevard Konrad Adenauer,
L-2950,
Luxembourg

 

See Funding scorecard: supranationals for EIB's funding progress this year.

 

EIB

Dealer League Table EIB

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 2.81 10 10.28%
2 TD Securities Inc 2.67 10 9.78%
3 RBC Capital Markets 2.34 7 8.57%
4 Goldman Sachs 2.20 3 8.03%
5 Citi 2.10 6 7.68%
Key officials
  • Eila Kreivi, director, head of capital markets department
  • Sandeep Dhawan, head of benchmark funding
  • Carlos Ferreira da Silva, head of public markets funding
  • Richard Teichmeister, head of new products and special transactions funding
  • Aldo Romani, head of sustainability funding
Guarantee EU sovereign shareholders are legally bound to pay callable capital of €221.585bn on EIB demand, if required to meet financial obligations.
Ownership
structure
The shareholders of the European Investment Bank are the 28 Member States of the European Union. Each Member State’s share in the bank’s capital is based on its economic weight within the European Union (expressed in GDP) at the time of its accession.

France, Germany, Italy, UK: 16.11% each
Spain:  9.67%
Belgium, Netherlands:  4.47% each
Others:  16.95%
Private placement
policy
  • Minimum size of $10m eqv.
  • Can print interest rate linked and equity index linked structures, but not single stock linked
  • Minimum tenor is callable structures with minimum non-call period of one year
  • Can print in a wide range of currencies

European Sovereign Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 11.35 16 13.38%
2 Citi 7.29 9 8.59%
3 BNP Paribas 6.40 10 7.55%
4 Goldman Sachs 6.07 9 7.16%
5 SG Corporate & Investment Banking 5.99 6 7.06%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 11.58 21 12.74%
2 JPMorgan 8.31 15 9.14%
3 BofA Securities 6.39 20 7.03%
4 TD Securities Inc 6.21 12 6.83%
5 Goldman Sachs 5.78 14 6.36%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 18.07 27 11.19%
2 BNP Paribas 12.28 21 7.60%
3 HSBC 11.44 27 7.08%
4 SG Corporate & Investment Banking 10.56 15 6.54%
5 BofA Securities 10.00 23 6.19%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 29.38 67 9.18%
2 Citi 23.13 51 7.23%
3 HSBC 19.80 61 6.18%
4 BofA Securities 18.39 55 5.74%
5 Barclays 17.35 44 5.42%