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0% Jul-26 EU NGEU

EUROZONE ISSUANCE
MNI (London)
  • On offer today: E2.5bln of the 0% Jul-26 EU NGEU (ISIN: EU000A3KTGV8)
  • Market colour: The originally 5-year NGEU has seen yields increase since the over 30pb dip at the end of February onset of the Ukraine war. Yields rose over 220bp to the June 16 high of 2.105% and have fallen back 50-60bp over the last week.
  • Spreads to the 0% Apr-26 Bobl widened by around 40bp from the Jan 3 low to the June 14 high of around 56bp, and were back around 49bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 1030 BST / 1130 CEST.


Auction history:

DateIssuedAvg yieldBid/coverPricePre-auctOperation
Current1.532%
28-Feb-22E2.5bln0.161%1.33x99.3099.11Auction
27-Sep-21E2.495bln-0.487%2.33x102.35102.03Auction
29-Jun-21E9bln-0.335%101.69NewSynd

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