EU hires banks to start SURE programme funding - lead managers

The EU will sell 10 and 20-year "social" bonds in the first offering

  

AMSTERDAM- The European Union hired a syndicate of banks on Monday to sell the first bonds that will fund its SURE unemployment scheme, a coronavirus support programme, according to lead manager memos seen by Reuters.

The EU will sell 10 and 20-year "social" bonds in the first offering, three lead managers said.

The "transaction will be launched in the near future, subject to market conditions," according to the memos, a phrase debt management offices usually use a day before a sale.

Barclays, BNP Paribas, Deutsche Bank, Nomura and UniCredit will manage the sale, the memo said.

The EU will finance the whole SURE scheme of up to 100 billion euros via social bonds, it said earlier in October. 

(Reporting by Yoruk Bahceli; Editing by Dhara Ranasinghe) ((Yoruk.Bahceli@thomsonreuters.com; +44 20 7542 7571; Reuters Messaging: yoruk.bahceli@thomsonreuters.com))

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