EIB launches euro 5 billion Global CP Programme

The European Investment Bank, the European Union's financing institution is streamlining its short term funding operations with a EUR 5 billion Global Commercial Paper Programme to replace all its CP programmes in ECU GBP, ITL, NLG, and USD. The new global programme forms part of the Bank's strategic preparations for EMU and the introduction of the euro.

EIB Director General of Finance, René Karsenti said: "This new global CP programme will provide the EIB with access to the widest possible investor base and allow us to reach the European and US commercial paper markets. The programme will reinforce our key role in the new Euro market. This will also increase overall commercial paper liquidity along with demand for top rated paper like that of the EIB."

Joint arrangers are Deutsche Bank and Goldman Sachs International. The dealer group will include in addition: Citibank International, IMI Bank, Lehman Brothers and National Westminster Bank. The EIB will also be a dealer for both the USCP and ECP.

The EIB has a rating of A-1/P-1 on its short-term borrowing and AAA for its long-term bond issues.