Yesterday, 10 November, the European Commission, on behalf of the European Union, issued the second social bond under the EU SURE instrument, for a total value of €14 billion, to help protect jobs and keep people employed. The issuing consisted of two bonds, with €8 billion due for repayment in November 2025 and €6 billion due for repayment in November 2050. There was a very strong investor interest in this highly rated instruments, and the bonds were 13 and 11.5 times oversubscribed, respectively for the 5- and 30-year tranche, resulting in favourable pricing terms for both bonds. Johannes Hahn, European Commissioner for Budget and Administration, said: “Yesterday, the European Commission has gone to the markets for a second time to borrow money for its SURE short-term unemployment scheme. And the market has once again given us its vote of confidence, with strong investor interest and favourable conditions. This is great news for the European Union as issuer and borrower, for the social bond market and above all for the EU citizens who will get the much needed financial support to go through these difficult times.” The orderbook closed at 10:30 am in excess of €175 billion, consisting of €105 billion on the 5-year tranche and over €70 billion on the 30-year tranche. In terms of pricing, the 5-year bond provides a negative yield of minus 0.509%, while the 30-year bond of plus 0.317%. More information is available in the press release. So far, 17 Member States will receive financial support under the SURE instrument to help protect jobs and keep people employed. Financial support will be provided in the form of loans granted on favourable terms from the EU to Member States.