In November 2004, the European Investment Bank (EIB), working with the private bank BNP Paribas, announced that it would issue the world’s first long-term longevity bond. The bonds, with a maturity of 25 years, pay out an annual sum of £50 million multiplied by the percentage of the English and Welsh male population aged 65 in 2003 that is still alive in a given year (subject to a slight data lag).