EIB successfully prices its second and largest ever EuGBS aligned CAB EARN transaction

• Second EuGBS-aligned Climate Awareness Bond EARN following EIB's inaugural EUR 3bn benchmark in April 2025
• Largest EuGBS aligned transaction ever issued
• EIB becomes largest EuGB-issuer with EUR 7bn outstanding

On Tuesday 24th February, the European Investment Bank ("EIB") priced a EUR 4 billion 8-year Climate Awareness Bond EARN aligned with the European Green Bond Standard ('EuGBS-aligned CAB EARN') due 15th March 2034. The new issuance marks EIB's second EuGBS-aligned CAB EARN following its inaugural EUR 3bn EuGB-aligned CAB EARN in April 2025, and the EUR 4 billion issuance represents the largest EuGB aligned benchmark ever issued in the market.

The bond pays an annual coupon of 2.625% and has an issue price of 99.123%, providing a spread of 18.8bps over the BUND 2.200% due 15th February 2034.

The mandate for the transaction was announced on Monday 23rd February, setting the size from the onset with a EUR4bn WNG ("Will Not Grow") language. Books formally opened the following day with price guidance at mid-swaps +16bps area. Mid-morning, on the back of a solid orderbook, the spread was set at mid-swaps +14bps, 2bps inside initial guidance. The order book closed in excess of EUR 42bn (incl. EUR 1.7bn JLM interest), or more than 10x oversubscribed.

With this transaction, EIB has raised EUR 26.7bn equivalent year-to-date, equating to about 45% of its EUR 60bn funding program for 2026.

The transaction takes place under the umbrella of the 2024 CAB Framework, which is also aligned with the Green Bond Principles. As required by the EuGBS regulation, the CAB Framework includes the European Green Bond Factsheet and its external review with positive opinion, which can be accessed here.

Building on the approach adopted for the inaugural EuGB last year, item 4 of the Factsheet highlights that the EIB's EU Taxonomy alignment assessment has been extended from three to six economic activities since last year (see Annex 2C of 2024 CAB Framework). This extension is a first step towards the strategic objective of gradually increasing the share of EuGB-issuance over total CAB/SAB issuance in the context of the Climate Bank Roadmap Phase 2 published in October 2025.

This EuGBS-aligned CAB, the first launched under Climate Bank Roadmap Phase 2, therefore, continues EIB's commitment to demonstrating the practical application of the EU Taxonomy and the European Green Bond Standard and its support to standardization initiatives, particularly in the field of impact reporting.

EIB Director General of the Finance Directorate, Cyril Rousseau said: "The EUR 4bn size sets a new record for the market in this format. Our cumulative EUR 7bn of EuGBS issuance reflects strong and sustained investor demand for such high-quality green assets. By extending full EU Taxonomy assessment to additional activities, we are continuing our gradual alignment strategy and promoting the broader uptake of the European Green Bond Standard."

Composition of demand

Summary Terms and Conditions for the new bond issue

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