EU Issuance Service (EIS) overview and background – Belgium


On 12 July 2022, the European Commission launched the process for organising the settlement of NextGenerationEU and other EU bonds through the payment and settlement infrastructure of the Eurosystem. 

The EU bond issuance will be aligned with the arrangements used by EU sovereign issuers and the European Stability Mechanism (ESM) whose bond transactions are settled in central bank money.

Following a selection process, the Commission has decided to work with the European Central Bank (ECB), which will serve as paying agent, and the National Bank of Belgium (NBB), which will act as Issuer CSD and settlement agent for all EU debt securities once the EIS is in place.

Assets under custody issued by the EU are expected to quickly total more than EUR 1,000 billion. Over time, this will also include the European Investment Bank (EIB) issuance and the ESM.

The new EU issuance was launched on 17 January 2024. Legacy EU ISINs will remain under the current setup, that is, Clearstream Banking will continue to act as ICSD and BNP Paribas as settlement agent.

Clearstream Banking will fully support its clients with EU issuance and further custody services.

Additional resources

Details on the EIS can be found on the NBB’s website

The features of Belgian debt securities apply to these EU bonds and can be found in the Market Link Guide - Belgium (NBB SSS)

Tax information about the EIS can be found in the Market Taxation Guide - Belgium (Securities held in CBF).