Q4 Transactions overview
date: 12/12/2023
2023 was a year of volatile market conditions. However, thanks to our reliable investor base, EU issuances remained resilient, providing an additional anchor in the European capital markets.
The Commission met its funding targets for 2023 by the end of November, raising a total of €115.9 billion over the course of the year. Most of the funds raised supported Member States under the NextGenerationEU recovery programme. However, €18 billion was raised to support Ukraine under MFA+ and €290 million financed Macro-Financial Assistance programmes for Jordan (€200 million) and Moldova (€90 million).
2023 also saw a continuation of the NGEU Green Bond issuances. Over the course of the year, €12.5 billion of the EU’s issuances took the form of NGEU Green Bonds, bringing the total amount of NGEU Green Bonds outstanding to €48.9 billion.
In addition, the Commission executed regular EU-Bill issuances in 3- and 6-month tenors throughout the year, ensuring a stable level of short term outstanding debt (€16.7 billion as of end November).
A summary of the EU’s funding activities for Q4 2023 is shown below.
|
Transaction date |
Instrument |
Transaction type |
New issue / Tap |
Volume issued (€ mn) |
Maturity |
Oversuscription ratio |
|
04/10/2023 |
Bills |
Auction |
N |
1,237 |
05/04/2024 |
1.2 |
|
04/10/2023 |
Bills |
Auction |
T |
900 |
12/01/2024 |
1.7 |
|
10/10/2023 |
Bonds |
Syndication |
N |
4,000 |
04/04/2044 |
12.2 |
|
10/10/2023 |
Bonds |
Syndication |
T |
3,000 |
05/10/2026 |
12.3 |
|
18/10/2023 |
Bills |
Auction |
T |
858 |
05/04/2024 |
1.7 |
|
18/10/2023 |
Bills |
Auction |
T |
841 |
12/01/2024 |
2.1 |
|
23/10/2023 |
Bonds |
Auction |
T |
2,257 |
04/10/2038 |
1.1 |
|
23/10/2023 |
Bonds |
Auction |
T |
2,203 |
04/12/2030 |
1.2 |
|
08/11/2023 |
Bills |
Auction |
N |
1,239 |
10/05/2024 |
1.4 |
|
08/11/2023 |
Bills |
Auction |
T |
804 |
09/02/2024 |
1.7 |
|
14/11/2023 |
NGEU green bonds |
Syndication |
T |
3,000 |
04/02/2048 |
23.7 |
|
14/11/2023 |
Bonds |
Syndication |
N |
5,000 |
05/12/2028 |
13.3 |
|
22/11/2023 |
Bills |
Auction |
T |
839 |
10/05/2024 |
1.7 |
|
22/11/2023 |
Bills |
Auction |
T |
859 |
09/02/2024 |
1.6 |
|
27/11/2023 |
Bonds |
Auction |
T |
1,800 |
04/10/2027 |
1.6 |
|
27/11/2023 |
Bonds |
Auction |
T |
1,731 |
04/02/2033 |
1.1 |
|
06/12/2023 |
Bills |
Auction |
T |
868 |
08/03/2034 |
1.4 |
|
06/12/2023 |
Bills |
Auction |
N |
1,324 |
07/06/2024 |
1.3 |
Full details on all EU transactions since June 2020 can be found here: Transactions data (europa.eu)
Image source:©KPs Photography/AdobeStock, 2023