Second global EUR 5 billion issue under the EARNs programme

The European Investment Bank has priced today its second global EUR 5 billion issue under the EARNs programme(1). After over a week of extensive world-wide investor marketing and book-building, EIB is issuing the new "on-the-run" ten year benchmark, maturing on 15 October 2012, at a spread of 25 bps over the Bund 5% January 2012.

The issue carries a coupon of 5.375% and has a reoffer price of 99.272 %. Bookrunners are Credit Suisse First Boston, Merrill Lynch and UBS Warburg. Co-leads are Barclays, BNP Paribas, Credit Agricole Indosuez, Deutsche Bank, Dresdner Kleinwort Wasserstein, JP Morgan Chase, Morgan Stanley and Salomon Brothers. Co-managers are ABN Amro, Fortis Bank, Goldman Sachs, HSBC, Lehman Brothers, Nomura, Societé Générale and UBM (Gruppo Unicredito). Members of the selling group are Caboto, CDC IXIS, ING and Nordea.

EIB Director General of Finance René Karsenti said: "This global EARN issue confirms EIB's position as a European sovereign-class benchmark issuer, committed to enhance liquidity in the euro market, with an approach characterised by transparency and best market practice."

"This new EIB benchmark" added Barbara Bargagli Petrucci, Director Capital Markets, "is market driven and priced to ensure secondary market performance for investors."

Around 300 investors around the world have participated in this bond issue, which has been well oversubscribed, broadening EIB's investor base. The regional repartition of placements stands broadly at Europe (79%), Asia (7.3%), North America (9.8%), other regions (3.9%). Secondary market trading in the issue will immediately be available on EuroMTS. With this issue, the EARNs curve comprises ten benchmarks covering maturities from 2003 to 2012, with outstanding volume of around EUR 46 billion. The entire EARNs curve trades on MTS, with the six largest benchmarks trading on EuroMTS as well. EIB estimates that its funding requirements for 2002 will be around EUR 38 billion equivalent, of which more than 50% have already been raised, with at least EUR 10-15 bn to be issued in euro. With this transaction, EUR 7 bn have been issued under the umbrella of the EARNs programme this year.

Termsheet

(1) Euro Area Reference Notes - EARNs - are EIB benchmark issues in Euros.