REUTERS/Regis Duvignau/File PhotoThe European Union on Monday hired banks for a 10-year bond sale, the first to finance its recovery fund, according to two lead managers, a crucial step in financing the bloc's economic recovery from the coronavirus pandemic.
The sale will be launched on Tuesday, subject to market conditions, memos from the lead managers seen by Reuters said.
The bond will raise 10 billion euros, France's junior minister for European affairs said on May 31.
The EU has said it expects to issue 80 billion euros of debt this year.
The bloc hired BNP Paribas, DZ Bank, HSBC, IMI-Intesa Sanpaolo and Morgan Stanley as joint lead managers for the debut deal, while Danske Bank and Santander will act as co-lead managers, according to the memo.
Regis, Intesa Sanpaolo, Morgan Stanley
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