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EU syndication preview

EUROZONE ISSUANCE

The EU will come to the market today for a dual-tranche transaction with funds for three of its programmes set to be raised: NGEU, EFSM and MFA.

  • This is the first time that the EU has held a substantial syndication combining more than one of its programmes.
  • E5.25bln is due to be sold of an EFSM/MFA 10-year bond. The E5bln of EFSM funds had already been scheduled for July in the latest investor updates and form a rollover of the 2.75% Sep-21 bond. While E1.8bln of MFA funding is planned for H2.
  • E10bln will be sold of a new NGEU 20-year bond. This will be the third NGEU transaction following the initial launch of the E20bln 10-year bond on 15 June and the dual-tranche 5/30-year E9bln/E6bln on 29 June.
  • Given the huge book sizes seen for all EU transactions, we expect a very successful transaction again today.
  • Timing: For the two June NGEU transactions, books opened just before 8:00BST with spreads set by 9:00BST. Pricing has then been between 14:15-14:30BST.
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