No-one else had the grit to do it so the EU’s own bank has been the first to take the passporting provisions of the Prospectus Directive and exploit them to the full. The European Investment Bank’s (EIB) ‘climate awareness bond’ – another pioneering event – has been marketed simultaneously in all 27 EU member states.
Set up by the Treaty of Rome in 1957, the EIB is ‘owned’ by EU member states; all new members are obliged to subscribe to the bank’s capital. So its objectives are the EU’s own, and this ground-breaking bond issue aims to further several of them.
