The European Commission announced today (24 June 2026) that it plans to issue up to €80 billion in EU bonds during the second half of 2026. This brings the Commission’s total planned bond issuance for the year to €180 billion — in line with its earlier 2026 financing roadmap.
Funding Key EU Priorities
Proceeds from these bond sales will finance several major EU policy initiatives funded through capital market borrowing. These include disbursements to EU member states under the NextGenerationEU recovery programme, financial support for Ukraine — including payments under the new €90 billion Ukraine Support Loan — as well as funding for the Security Action for Europe (SAFE) initiative and other EU programmes.
Unified Financing Strategy
The Commission will continue issuing bonds under its unified financing approach, blending long- and short-term instruments. This strategy enables it to meet growing disbursement needs across an expanding range of EU-funded policies, supporting a stable and predictable pattern of EU bond issuance.
Green Bonds Under NextGenerationEU
The Commission will also keep issuing green NextGenerationEU bonds, aligned with the green expenditures reported by member states under the Recovery and Resilience Facility. To date, €84.3 billion has been raised through green NextGenerationEU bond issuances. These green bond operations may continue beyond 2026 as part of refinancing activities linked to the NextGenerationEU borrowing programme.
Background: EU Borrowing Framework
The European Commission borrows on international capital markets on behalf of the EU and disburses funds to member states and third countries under various lending programmes. EU borrowing is backed by the EU budget, and contributions to that budget are an unconditional legal obligation for all member states under the EU Treaties.
Using proceeds from EU bonds and NextGenerationEU green bonds issued since mid-2021, the Commission has so far disbursed over €241.8 billion in grants and €166 billion in loans to EU member states under the Recovery and Resilience Facility. An additional €78.4 billion has been allocated to other EU programmes benefiting from NextGenerationEU funding.
EU financing also continues to support Ukraine: €25.6 billion has already been disbursed under the ongoing Ukraine Facility — part of a €33 billion total envelope — and new disbursements will be made under the €90 billion Ukraine Support Loan. Furthermore, EU borrowing funds the Security Action for Europe (SAFE) instrument, which supports the acquisition of defence equipment and related capabilities.