EU Issuance Service (EIS)

On 12 July 2022, the European Commission launched the process for organising the settlement of NextGenerationEU and other EU bonds through the payment and settlement infrastructure of the Eurosystem. In following this route, EU bond issuance will be aligned with the arrangements used by EU sovereign issuers and the European Stability Mechanism (ESM) whose bonds transactions are settled in central bank money.

Berlaymont building, Brussels
EU-commissaris Johannes Hahn (Budget & Administratie), ECB-bestuurslid Fabio Panetta en Pierre Wunsch, gouverneur van de Nationale Bank van België, ondertekenen de intentieverklaring die zal leiden tot het samenwerkingsakkoord.
Pierre Wunsch, Johannes Hahn and Fabio Panetta

Following a selection process, the Commission has decided to work with the European Central Bank, which will serve as a paying agent, and the National Bank of Belgium, which will act as Issuer CSD and settlement agent for all EU debt securities once the EU issuance service is in place.

The EU Issuance Service will create a level playing field for all Central Securities Depositories and investors that trade EU issued bonds. With the EU Issuance Service, the European Commission will equip itself with a settlement process reflecting its new role as one of the largest issuers of euro-denominated debt.

Commissioner Johannes Hahn in charge of Budget and Administration, the ECB Executive Board Member Fabio Panetta and the Governor of the National Bank of Belgium Pierre Wunsch agreed on the implementation of this project, which will become operational in the second half of 2023.

The EU Issuance Service presents several advantages for the Commission as an issuer but also for all investors in EU securities. Once implemented, this project will ensure that our bond settlement benefits from the involvement of the Eurosystem. They can be used more easily for collateral with the Eurosystem and will be accessible to all investors on an equal basis.
Johannes Hahn
EU Commissioner

For background information on the EIS, please refer to the press releases that were issued on 12 July 2022:

Presentations from the EIS Info sessions for CSDs on 4 October 2022 and for the European Commission’s Primary Dealer Network on 5 October 2022: