EIB in the GBP bond market

The EIB has been an active participant in the sterling market for over 30 years. It is committed, together with its Sterling Dealer Group, to provide liquidity in all its sterling issues and in particular the benchmark bonds. Its issuing policy remains focused towards fulfilling investor demand, but in addition is intended actively to encourage increases of smaller issues to benchmark size (currently £1,000 million).

In 2001 a retail programme was established in the UK and elsewhere. A Sterling Retail Dealer Group, was created, and is committed, under normal market conditions, to provide two way prices to retail intermediaries of not more than 25bp bid/offer spread in maturities up to 10 years and 50bp in longer maturities, in both cases for sizes up to GBP 250,000. The Retail Dealer Group has expanded to number 9 dealers, most of whom have auto-execution services, which enables intermediaries quickly to check a variety of prices in order to provide "best execution" for clients. While these dealer obligations are not legally binding, EIB is not aware of any instances when this obligation has not been complied with.

Regularly updated information on EIB's sterling issuance is contained in our quarterly EIB Sterling Bonds - Investor Information. Please send an e-mail to investor.relations@eib.org if you wish to be added to the distribution list. Recent editions can be found below by clicking the 'Publications' tap.

Retail issues have a number of features designed to appeal to UK retail investors. In particular they have a London listing and are Qualifying Corporate Bonds under capital gains tax legislation. EIB sterling bonds are eligible for ISA investment. Perhaps of higher importance to retail investors is that EIB's sterling retail bonds are also traded by major institutions and central banks, thus, together with the market making obligations of EIB's retail dealers, providing the necessary conditions to ensure a fair market price for all investors.

It is a declared goal of the EIB to provide transparency in its activities in the capital markets. The EIB, in cooperation with Bloomberg, Reuters, EIB's Sterling Dealer Group and Cater Allen International, provides information and indications of where EIB sterling benchmark bonds and retail benchmark bonds are trading in terms of spread to Gilt, yield and price.

Information on prices can be found in Bloomberg, EIB<GO>.
Real time updates on benchmark issues can be obtained from Reuters pages: EIBGBP01 and EIBGBP02 with most recent mid-market quotes.
EIBGBPANN1/2/3/4 provide announcements on issuance activities.
CASF: EIB repo market, by Cater Allen International.
Repo prices in EIB sterling bonds are also available on Brokertec REPO_GBSUP.
Brokertec also provides an inter-dealer repo service in EIB sterling bonds, available only to EIB sterling dealers.

The EIB is not responsible for the accuracy of such price quotations.

Click here for useful links.

GBP Benchmarks (GBP benchmarks includes both present and potential future benchmarks)
Click on the ISIN codes below for more details on individual bonds (documentation available for most issues).Outstanding amounts are updated on issue value date.