The European Investment Bank has launched a new bond targeted at retail investors that can be sold in all 12 countries in the eurozone. Called eurozone public offering of securities (Epos) the security uses the passporting mechanism that the EU’s prospectus directive introduced last June. The €1 billion 10-year bond is lead managed by Merrill Lynch with a 12-strong syndicate of retail banks – one for each eurozone country. The deal is listed in Luxembourg. It is a lightly structured transaction, offering 5% in the first year and then a multiple of the HICP measure of inflation.
