EU’s first social bonds prove magnet for record EUR 150bn

The European Union’s first offering of social bonds was said to receive orders of more than EUR 150bn, a record for a dual-tranche issue in the euro area.

Investors are being drawn to the sale because of the scarcity of securities stamped with a AAA credit rating and with social bonds the fastest-growing part of sustainable finance. The offering, also the EU’s first joint debt since the bloc agreed a landmark pandemic recovery deal, is aimed at providing funding for a job support program.

The bloc is selling 10-year debt via banks Tuesday at three basis points over midswaps, according to a person familiar with the matter. It’s also issuing 20-year securities at 14 basis points over midswaps, as it seeks to build a liquid market.

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