The market resolves YES if, at any time before 1 January 2027, any of the following index providers formally classifies European Union–issued debt as sovereign debt:

• MSCI Inc.

• Bloomberg Index Services Limited (including Bloomberg/Barclays fixed-income index classifications)

• FTSE Russell (including classifications relevant for the World Government Bond Index and related benchmarks)

• ICE Data Indices

A classification counts only if it appears in official methodology documents, index-provider announcements, or other public statements issued directly by the institution and clearly designating EU-issued debt (including, but not limited to, NextGenerationEU bonds) as sovereign.

If none of these providers adopt such a classification before the 1 January 2027, the market resolves NO.