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Auction Preview: EU NGEU Bonds

EUROZONE ISSUANCE
MNI (London)
  • On offer today:
    • Up to E1.5bln of the 0.80% Jul-25 EU NGEU (ISIN: EU000A3K4DJ5)
    • Up to E2.5bln of the 1.00% Jul-32 EU NGEU (ISIN: EU000A3K4DD8)
  • Market colour: 3/10-year EU NGEU bond yields have risen around 172bp and 127bp from the dip at the beginning of August to stand around 2.596% and 2.858% at the time of writing.
  • 3-year bond spreads to the 0% Apr-25 Bobl widened almost 22bp from Aug 1 to the Sep 5 high of 72bp. Spreads have since narrowed around 17bp to 55bp.
  • 10-year NGEU spreads to the 1.70% Aug-32 Bund are currently around 65bp, around 3bp wider than the low seen last Monday and 16bp narrower than the Sep 5 high.
  • Timing: Results will be available shortly after the auction closes at 1030 BST / 1130 CEST.
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