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0% Jul-26 EU NGEU auction preview

EUROZONE ISSUANCE
  • The EU will hold its inaugural bond auction today by reopening the 5-year 0% Jul-26 NGEU issue for E2.0-2.5bln.
  • Given that this is the inaugural auction, we only have syndication history to base our expectations on.
  • The 0% Jul-26 EU-Bond was launched on 29 June as part of a dual-tranche syndication alongside the 30-year 0.70% Jul-51 EU-bond.
  • E9.0bln of the 0% Jul-26 was sold with books of E142bln.
  • We would expect the upper end of the E2.0-2.5bln range to be sold.
  • Timing: Results will be available shortly after the auction closes at 10:30BST/11:30CET.

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