EIB - European Investment Bank

05/18/2026 | Press release | Distributed by Public on 05/19/2026 12:05

EIB breaks records with a rare EUR 5y ESTR FRN benchmark transaction

· Largest ever ESTR linked FRN transaction - EUR 1.5bn

· Largest orderbook on record for any ESTR FRN - Over EUR 5.1bn

On Tuesday 19th May, the EIB priced a new EUR 1.5bn 5Y ESTR linked Floating Rate Note ("FRN") at a Discount Margin of ESTR+26bps. The EIB was last active in the ESTR FRN primary market in January 2021.

The mandate for the new EUR 5Y ESTR linked FRN was announced on Tuesday 19th May with the size set at EUR 1.5bn at the outset and IPTs of ESTR+27bps area. Mid-morning, on the back of an order book standing at EUR 4bn (incl. EUR 250m JLM interest), the spread was set at ESTR+26bps. The tightening however did not deter investors as the book kept growing, closing at EUR 5.1bn (incl. EUR 500m JLM interest) and featuring 50 orders.

Including this transaction, the EIB has raised just under EUR 41bn equivalent so far this year, equating to around 68% of its announced EUR 60bn funding programme.

Composition of demand:

By Geographical Region

By Investor Type

United Kingdom

50%

Bank Treasuries

67%

Rest of the World

26%

Fund Managers / Pension Funds / Insurance / Other

18%

Europe

24%

Central Banks / Official Institutions

15%

Summary of Terms and Conditions:

Issue Amount

EUR 1.5 billion

Pricing Date

19 May 2026

Settlement Date

26 May 2026

Maturity Date

26 May 2031

Re-offer Price

100.00%

Discount Margin

ESTR+26bps

Coupon

Daily Compounded ESTR+26bps, Floating, Quarterly, ACT/360, first coupon on 26 Aug 2026

Format

EMTN - RegS, Category 1, Registered Form

Listing

Luxembourg Stock Exchange's Regulated Market

Joint Lead Managers

Barclays / Deutsche Bank / HSBC / RBC CM

Contact

Reference

fi-2026-09-EN

EIB - European Investment Bank published this content on May 18, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 19, 2026 at 18:05 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]