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EU 2024 Funding Plan

EUROZONE ISSUANCE
  • The EU plans to issue E75bln of NGEU and MFA+ bonds in H1-24 (conventional and green). This is broadly the same pace as in H1-23 when E78bln (nominal) / E74bln (cash) was raised - but a ramp up from the E38bln (nominal) / E35bln (cash) raised in H2-23.
  • Non-green conventional EU-bonds will continue to be issued using "using benchmark maturities from 3 to 30 years, with tap transactions and new lines, using auctions and syndications. The maturities for the new lines will depend on market conditions and the intention to bring liquidity to the curve where more needed (with a tentative focus on3y, 10y, 15y and possibly 30y for conventional lines)."
  • Green bonds: "One new long dated green bond may be considered, depending on market conditions" with the rest of the issuance to be via taps.
  • There are 6 planned syndication weeks in H1-24 (7 in H1-23, 4 in H2-23) and 7 planned auction dates (8 in H1-23, 4 in H2-23)
  • EU-bill auctions will continue twice per month in the same format as previously (3/6-month bills available at each auction with new 6-month EU-bill in the first auction of each month).
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