European Investment Bank Successfully Prices EUR 3 Billion EARN Benchmark Bond

(IN BRIEF) The European Investment Bank (EIB) has priced a new EUR 3 billion 5-year benchmark bond, known as EARN, with a maturity date of November 15, 2028. The bond carries an annual coupon of 3.000% and an issue price of 99.610%, yielding 3.084% re-offer. The spread is set at mid-swaps -13bps over the OBL 2.400% 10/2028. The order book for the bond exceeded EUR 23 billion, showcasing strong demand. This issuance brings the EIB close to completing 97.6% of its EUR 50 billion borrowing authorization for the year. The bond was led by joint lead managers Citi, Morgan Stanley, NatWest Markets, and TD.

(PRESS RELEASE) LUXEMBOURG, 6-Sep-2023 — /EuropaWire/ — The European Investment Bank (‘EIB’) priced a new EUR 3bn 5-year EARN benchmark due 15th November 2028. The bond pays an annual coupon of 3.000% and has an issue price of 99.610%, providing a spread of +49.6bps over the OBL 2.400% 10/2028.

The mandate for a EUR 3bn (no-grow) transaction was announced at 12:15 CET on Monday 4th September. Books formally opened the following morning at 8.50am CET with price guidance released at mid-swaps -11bps area. Spread was set at mid-swaps -13bps at 09:50 CET with books in excess of EUR 20bn (excl JLM interest). The order book was closed at 11:15 CET, with the EUR 3bn no-grow transaction launched shortly after and a total amount of orders in excess of EUR 23bn (excl. JLM).

With about EUR 48.7bn raised year-to-date, the Bank has completed 97.6% of its EUR 50bn borrowing authorization for 2023 and is not expected to return to the market this calendar year in EUR or USD benchmark format.

Composition of demand:

By Geographical Region			By Investor Type
United Kingdom	62%		Bank Treasuries	77%
Rest of Europe	17%		Fund Managers	15%
Germany	7%		Central Banks / Official Institutions	8%
France	6%
Rest of World	5%
Asia	3%

Summary Terms and Conditions for the new bond issue

Issue Amount	EUR 3 billion
Pricing Date	5th September 2023
Payment Date	12th September 2023
Maturity Date	15th November 2028
Re-offer Price	99.610%
Re-offer Yield	3.084%
Coupon	3.000%
Re-offer Spread	MS-13bps
Fees	0.125%
Format	EARN – RegS, Category 1, Registered Form
Listing	Luxembourg Stock Exchange
Joint Lead Managers	Citi, Morgan Stanley, NatWest Markets, TD

Media Contact:

Investor Relations
investor.relations@eib.org
+352 43 79 – 53000

SOURCE: European Investment Bank