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EU funding target reduced

EUROZONE ISSUANCE
  • In case you missed this, the EU reduced its funding target on Friday for 2021 NGEU issuance to E71bln (from around E80bln).
  • This means that the EU has completed its NGEU funding for the year and will cancel the syndication planned for next week and the auction planned for the end of November.
  • EU-bill auctions will continue as originally scheduled.
  • The EU has now made disbursements of over E55bln under NGEU (of which E52.3bln has been allocated to 17 EU countries under RRF).
  • The EU has confirmed that it will publish its funding target for H1-22 in December.

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