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0% Jul-26 NGEU

EUROZONE ISSUANCE
MNI (London)

The EU will come to the market to reopen the 5-year 0% Jul-26 NGEU issue for up to E2.5bln this morning.

  • On offer will be the0% Jul-26 EU NGEU. ISIN: EU000A3KTGV8.
  • Auction history: Today's auction will see the second reopening of the 0% Jul-26 EU-Bond, which was launched on June 29, 2021 as part of a dual-tranche syndication alongside the 30-year 0.70% Jul-51 EU-bond.
  • At the syndication E9.0bln of the 0% Jul-26 was sold with books of E142bln.
  • The bond was reopened for the first time on September 27 last year, issuing E2.495bln (top of the E2.0-2.5bln target range) at an average yield of -0.487% and a 2.33x bid-to-cover.
  • Note that after trading at a 12-19bp spread above the 0% Oct-26 Bobl between its launch and mid-January, the spread has widened and now stands around 34bp at the time of writing. In the same period, there has also been a widening of around 10bp to OATs.
  • Timing: Results will be available shortly after the auction closes at 10:30GMT/11:30CET.

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