Reuters: CME’s BrokerTec to launch new collateral basket for EU bonds

Electronic bond trading platform BrokerTec will on Monday launch a collateral basket for bonds issued by the European Union, marking a further step in the EU’s transformation into one of the world’s biggest borrowers.

The 27-nation EU, which borrowed relatively small amounts before the coronavirus pandemic, has started issuing bonds that will raise up to 800 billion euros ($943 billion) in the coming years to aid its response to the crisis. The bloc has also issued bonds to fund the EU’s SURE unemployment scheme.

Investors say the scale of the planned issuance means there is a need for infrastructure to support trading volumes – in particular by making the new debt easier to use as collateral for repo markets.

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