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EU Sets up Debt Management Office

Adel 22 October, 2020 11:03 am Market Update

A European Union official said on Wednesday that the bloc decided earlier this week to create a debt management office to handle its massive bond issues.

The official, who refused to be named, added that the establishment of the office came as a result of reorganizing the general administration of the budget in the European Union. According to Reuters.

He added that the issuances to collect funding for the unemployment program in the countries of the Union for a group that have been affected by Covid-19, may exceed the 30 billion euros that the European Commission said it expects to collect this year.

The official cited record demand for the bloc’s first bond sale to back SURE on Tuesday, which gathered the highest demand for a bond sale ever.

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