The European Union is testing investors’ appetite to fund nearly $1 trillion of debt over five years as it seeks to finance its recovery from the coronavirus pandemic. The bloc opened books on debut 10-year bonds as part of its NextGenerationEU (NGEU) program, which will finance grants and loans to member states. European Central Bank President Christine Lagarde said in an interview published Monday the NGEU stimulus will “transform the future of Europe.” EU debt tied to its separate and smaller SURE program has underperformed as investors brace for a wave of supply in the coming months, with the bloc looking to ... (full story)