The European Investment Bank (EIB) last week launched its inaugural offering under a new sterling bond programme, when it sold a further £500m (E810m) of bonds in a 10-year benchmark originally launched last year. In keeping with a number of high-profile bond offerings, the deal was distributed over the internet. The bank, which operates as the financing arm of the European Union, is looking to establish its securities as a surrogate to UK gilts as the government makes it clear it intends to cut borrowing through the bond markets.