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EU SURE 8/25-year syndication preview

EUROZONE ISSUANCE

The EU has issued a mandate for a dual-tranche long 8-year/long 25-year transaction to take place in the "near future".

  • We expect the transaction to take place tomorrow with a transaction size of E11-15bln.
  • The latest EU investor update states that a further E13-15bln of SURE funds are expected to be raised before the programme is completed, with the bulk of the funding completed by the end of H1.
  • Previous SURE transactions: The first SURE transaction in October saw E17bln of 10/20-year issuance, the second in November saw E14bln of 5/30-year issuance and the third 15-year issuance for E8.5bln, also in November. The fourth transaction in January saw E14bln of 7/30-year issuance. On March 9 E9bln of the 15-year was sold while on March 23 a dual tranche 5/25-year was launched.
  • For the past transactions, books opened at 7:50-8:00 UK time / 8:50-9:00CET.
  • Books closed at 9:00UK/10:00CET for the first transaction and at 9:30UK/10:30CET for all subsequent transactions.
  • Pricing for the first transaction was confirmed at 15:25, for the second at 16:14/16:15, for the third at 16:04, the fourth at 15:55 and at 16:24 for the fifth transaction and 15:30/15:33 for the sixth (all times are UK).
  • JLMs will be Deutsche Bank, LBBW, Morgan Stanley, Natixis and NatWest Markets.
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