Commercial paper

The EIB issues at the short end of the yield curve through its Global Commercial Paper programme (CP).

The principal terms of the programme are as follows:

Issue: European Investment Bank
Amount of Programme: EUR 15,000,000,000.
Currencies: Any currency (subject to compliance with relevant laws).
Maturities and Selling Restrictions: CP is issued in two forms: Euro Notes and U.S. Notes. Euro Notes may not be offered to US investors and has a maximum maturity of 364 days. U.S. Notes may be offered to US investors and has a maximum maturity of 270 days. In all cases dealers and investors must ensure that they comply with all relevant laws and regulations.
Denominations: The minimum denominations of Euro Notes are EUR 100,000, USD 100,000, GBP 100,000 or YEN 100,000,000. The minimum denominations of U.S. Notes are EUR 100,000, USD 100,000, GBP 100,000 or YEN 100,000,000.
Yield Basis: Discounted, interest bearing or a coupon calculated by reference to an index or a formula.
Redemption: At maturity at par, or at an amount calculated by reference to an index or a formula.
Form of the Notes: Euro Notes will be represented by a global note held in the Euroclear, Euroclear France and Clearstream clearing systems. U.S. Notes will be represented by a master note held on behalf of the Depositary Trust Company or by a global note held in the Euroclear, Euroclear France and Clearstream clearing systems.
Issuing and Paying Agent: Citibank NA London and New York.
Short-term Credit Facilities: The EIB has entered into a back-up line credit facility. Its purpose is to cover any eventual cash shortfalls in connection with the CP programme.
Status of the Notes: The Notes will constitute direct and unsecured obligations of the EIB and will rank pari passu with all its other unsecured and unsubordinated obligations.
Governing Law: Luxembourg law.

The full programme documentation can be consulted here. The administration and management of the programme is the responsibility of the Liquidity Management Division within the Treasury Department.

The Euro CP dealer group consists of the following banks:
Barclays Bank PLC
Citibank International plc
Credit Suisse Securities (Europe) Limited
Deutsche Bank AG, London Branch
European Investment Bank
Goldman Sachs International
Lehman Brothers International (Europe)
UBS Limited

The U.S. CP dealer group consists of the following banks:
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
European Investment Bank
Goldman Sachs & Co.
Lehman Brothers Inc.