The EU is set to become the largest supranational bond issuer in the world thanks to its €90bn billion instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE) and €750bn Next Generation EU (NGEU) recovery fund. If we look at the distribution of bond notional issued by the European Union outstanding as at the end of June and we divide it between SURE, NGEU and legacy programmes (mainly for loans to Ireland and Portugal during the last debt crisis) we can see that the SURE programme (now concluded) represents almost 50% of total with NGEU already representing 20%.

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Davide Magno

An Italian coding, tech, financial math professional and running lover

Head of Financial Risk Management

Dublin, Ireland