The EU announces the first members of its Primary Dealer Network

The EUROPEAN UNION, rated AAA (Fitch) / Aaa (Moody's) / AA (S&P), has today announced the first member list of its Primary Dealer Network.

The Commission will work with the 39 institutions on the list for the successful placement of NextGenerationEU issuance on the terms that are most advantageous for EU Member States and their citizens.

The European Commission – the EU’s executive arm – will issue, on behalf of the EU – up to around €800 billion between now and end-2026, to finance the EU’s recovery under the NextGenerationEU instrument. This translates into borrowing volumes of on average roughly €150 billion per year.

On 14 April 2021, the European Commission outlined its plans to use a diversified funding strategy to carry out the borrowing operations for the recovery. The publication of the list of primary dealers marks an important step in the implementation of this strategy.

Earlier this month and in line with the same strategy, the Commission announced it would use the auction system TELSAT operated by Banque de France to auction its EU-Bills and part of its long-term EU-Bonds.

Please see the full list of banks here.