12/11/2020 (Agence Europe) – The European Commission announced on Wednesday 11 November a second issue of social vouchers for the SURE instrument, which aims to support national short-time working measures in the context of coronavirus. With a total value of €14 billion, the issue consisted of €8 billion in bonds to be redeemed in November 2025 and €6 billion to be redeemed in November 2050. As for the first time (see EUROPE 12590/12), investors showed strong interest: the bonds were “oversubscribed” by a factor of 13 for the 5-year bonds and by 11.5 for the 30-year bonds. The order book was closed for €175 billion (€105 billion on the 5-year tranche and over €70 billion on the 30-year tranche). The 5-year bond offers a negative return of minus 0.509%, the 30-year bond offers a positive return of plus 0.317%. (PH)