Skip to navigation

Skip to content

EIB launches GB£ 500 million issue with Euro conversion clause

Reference: 1997-024-EN

Date: 16/04/1997

The European Investment Bank, the European Union's long-term financing institution, is issuing a GB£ 500 million 10 year bond today. The issue will be priced at 12 bp over the Gilt 2007. The Bank has appointed BZW as lead manager.

The issue will include the EIB's "Euro clause" giving the Bank the option to redenominate and consolidate the issue in Euro after January 1999 with the coming into force of EMU stage three.

Commenting on the issue, EIB President and Chairman, Sir Brian Unwin said: "This bond continues our strategy of benchmark issues in the Sterling market. It also forms part of our policy, as the European Union's financing arm, to boost the Euro. The terms of the issue will allow us to transform the bond into Euro at the appropriate time."