Bond Supply Calendar: ORI Operation on Friday

Below are the known dates for auctions of European bonds and UK gilts. All times are UK.

See the notes section at the bottom for more colour.

• Austria plans 3-4 syndication in 2024 (it has held one triple tranche on 18 January) and to raise E6.0bln through green issuance (with an 80/20 bond/bill split).
• Belgium plans to launch 3 new benchmark OLOs in 2024 via in 3 syndications (3 in 2023). New 10-yearOLO (launched on 9 January), one medium-term OLO (e.g. 5-year) and one long-term OLO (e.g. 30-year).
• The EFSF plans to issue E20bln in 2024 via syndications and the ESM E6bln in 2024.
• The EU has 6 planned syndications in H1 2024.
• Finland plans 3 syndications in 2024, 30-year benchmark has already been issued (on 17 January), a new 10-year is due. E10bln is expected to be raised at syndications in 2024.
• France plans to launch the following new issues in 2024: one new 3-year OAT (launched 18 January), one new 5/6-year OAT, not earlier than Q2, two new 10-year OATs via auction, "prospect of" new 30-year OAT via syndication "depending on market conditions," one new 10-year OATei and under consideration is a 15-20-year OATi. 3.00% Jun-49 Green OAT was launched on 16 January.
• Germany looks to raise E12bln via syndication in 2024, including one new 30-year Aug-54 Bund (to be launched 30 January) and one green.
• Ireland intends to conduct "at least one" syndication in Q1 2024. It launched a new 10-year IGB on 11 January.
• Italy plans to launch the following new issues in Q1 2024: BTP Short Term maturing 28-Jan-2026 (minimum outstanding E9bln), 3-year BTP maturing 15-Feb-2027 (launched 11 January, minimum outstanding E9bln), 5-year BTP maturing 1-Jul-2029 (minimum outstanding E10bln), 7-year BTP maturing 15-Feb-2031 (launched via syndication on 9 January; minimum outstanding E10bln already reached), 10-year BTP maturing 1-Jul-2034 (minimum outstanding E10bln). Treasury will consider one or more BTP Valore (first to launch W/C 27 February) and one or more BTP Italia launches in 2024. Possibility of new BTP Futura would be based on market conditions and demand for the instrument. Expect to launch at least one new 10-year benchmark, likely via auctions but won't rule out syndications. MEF will evaluate the possibility of placing a new BTP Green via syndication.
• The Netherlands will look to reopen the following In February/March: the 2.50% Jan-30 DSL (ISIN: NL0015001DQ7), the 3.25% Jan-44 Green DSL (ISIN: NL0015001RG8) and a reopening of another existing DSL (still TBC).
• Slovakia plans to raise E4.5-5.5bln through syndications in 2024 with 2-3 new issues launched: one 4-7 year (issue size E3bln), one 10-year (issue size E5bln), one reflecting market conditions.
• The UK DMO has announced it will hold an index-linked syndication in March 2024.
• The UK DMO plans to hold its next GEMM/Investor consultations on 18 March 2024.