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April 2021 MNI Expectations

EUROZONE ISSUANCE
  • The MNI Markets team expects gross EGB/EU issuance to be slightly lower in April than in March. We look for E140.2bln of issuance, down from E148.1bln in March.
  • However, April sees the second most redemptions of any month in 2021 and the second most coupon payments, too.
  • In total coupons + redemptions for April are E128.4bln (the highest combined total for 2021).
  • This means net issuance will be just E11.8bln for April, down from E67.6bln in March.
  • We think there is a good chance of syndications in April from Finland, Ireland, Portugal, Slovakia, the EU via its EFSM programme (and possibly SURE), the EFSF and around a 50% chance of a Spanish syndication. The Netherlands has already announced a DDA.
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