The EU’s presence in the capital markets has undergone a seismic change in recent years. Historically, the EU has been regarded by the market as an SSA issuer. For most of the EU’s history this made some sense. Given the EU’s small-scale issuance volumes and fragmented issuance curve, the market had little reason to treat EU bonds any differently than SSA bonds. However, in recent years, an increasing number of market participants are treating EUBonds more like a part of the EGB market. In this paper, I lay out what the EU has done to encourage this transition, and explain how it can benefit market participants.