The European Union (EU) will issue a 10-year bond to raise funding for the bailout of Portugal and Ireland, Financial Times reports. The bond issue is expected to raise about €3-5 billion.

European banks, pension funds and insurance companies may take part in the offering. The bond is the first to be rolled out since Portugal’s €78 billion bail-out was agreed. EU is also planning for another five-year bond to be listed next week.