This is the largest-ever institutional bond issuance in Europe, the largest-ever institutional single tranche transaction and the largest amount the EU has ever raised in a single transaction. Thanks to very strong interest among investors across Europe and the world, the Commission obtained very favourable pricing conditions, similar to those obtained in the repeatedly successful issuances under the SURE programme. The funds will be used for the first payments under NextGenerationEU, under the Recovery and Resilience Facility and various EU budget programmes. By the end of 2021, the Commission expects to raise some €80 billion in bonds, to be complemented by short-term EU-Bills, as per the funding plan published in June 2021. The exact amount of both EU-Bonds and EU-Bills will depend on the precise funding needs, and the Commission will revise its initial assessment in the autumn.