NGEU debut expected this week

摘要

The EUROPEAN UNION hosted a global investor call last Tuesday ahead of its inaugural transaction under the NextGenerationEU programme, which is expected early this week. The supranational is about to start the next phase of its pandemic response with a funding target of about €80bn over the next six months for the NGEU programme, and with three syndications expected before August. No official announcement has been made on the timing of the first transaction, but several market participants are expecting it on Tuesday. Bankers believe the EU will follow the same approach it deployed for its SURE transactions, by announcing a mandate on Monday for execution the following day. The deadline for banks to return RFPs for the first deal was last Monday.