The European Commission issued an inaugural €17 billion social bond under the EU SURE instrument in a bid to protect jobs and keep people in employment.
The issuing consisted of two bonds, with €10 billion due for repayment in October 2030 and the remaining €7 billion due in 2040.
Investor interest was sky high and bonds were more than 13 times oversubscribed, resulting in favourable pricing terms for both issued bonds.
To date, 17 Member States will be receiving financial support under the SURE instrument. Financial support to these Member States will be provided in the form of loans granted on favourable terms from the European Union to Member States.
Given loans will help Member States cover costs directly related to the financing of national short-term work schemes and other similar measures that have been put in place as a response to the COVID-19 pandemic.
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