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EU starts sale of five, 25-year bonds: lead manager

·1-min read

AMSTERDAM (Reuters) - The European Union started the sale of five and 25-year bonds backing its SURE unemployment scheme on Tuesday, according to a lead manager memo seen by Reuters.

The EU is expected to raise up to 13 billion euros from the sale of social bonds, as this is the amount it has remaining to fund during the first quarter, according to a recent investor presentation.

Price guidance on the bond, which will price later via a syndicate of banks on Tuesday, is around 12 basis points below the mid-swap level on the 5-year bond, and 3 basis points above the mid-swap level on the 25-year bond, according to the memo.

The EU hired BNP Paribas, BofA, DZ Bank, Morgan Stanley and Societe Generale for the sale on Monday. [L8N2LK31E]

(Reporting by Yoruk Bahceli)