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EU-BOND AUCTION PREVIEW: H2 2024 Funding Plan – E65bln Target For Bond Issuance

EU-BOND AUCTION PREVIEW

The EU plans to issue E65bln of NGEU and Macro Financial Assistance+ bonds in H2-24 (conventional and green). This is below the E74bln (nominal) / E73bln (cash) raised in H1-24, but still 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 needed (with a tentative focus on 5y and 7y)”.
  • Green bonds: “NGEU Green Bond issuances are expected to take place via tapping of existing bonds to support the liquidity of these lines before launching new ones”.
  • There are four confirmed syndication weeks in H2-24 (6 in H1-24, 4 in H2-23) and 6 planned auction dates (7 in H1-24, 4 in H2-23). There is also an optional fifth syndication window noted at the start of December.
  • 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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