The European Union auctions three types of bonds, with the 2043 bond yielding an average return of 3.794%.

⑴ The European Commission completed the auction of three euro-denominated bonds on Monday, with the average winning yield for the bond maturing in 2028 at 2.744%, the 2036-maturity bond at 3.392%, and the 2043-maturity bond at 3.794%. ⑵ From the pricing structure perspective, the yield curve maintains a positive premium at the long end, and the term premium for issues with maturities over ten years remains at a reasonable level, indicating that the market's confidence in the EU's long-term fiscal credibility is still strong. ⑶ This auction covered short-, medium-, and long-term maturities. The EU optimizes its debt maturity structure by diversifying issuance terms, while also providing the market with different duration choices. ⑷ Going forward, attention should be paid to how the expenditure needs of the EU Recovery Fund will impact the future pace of bond issuance, as well as to the feedback effect of secondary market yield trends on the pricing of new bonds.