Eurozone Issuance Deep Dive: April 2021

For the full document click here:

MNI_EZ_DeepDive_Apr2021.pdf

April Outlook

• The MNI Markets team expects gross issuance to be slightly lower in April than in March. We look for E140.2bln of issuance, down from E148.1bln in March.
• However, April sees the second most redemptions of any month in 2021 and the second most coupon payments, too.
• In total coupons + redemptions for April are E128.4bln (the highest combined total for 2021).
• This means net issuance will be just E11.8bln for April, down from E67.6bln in March.
• We think there is a good chance of syndications in April from Finland, Ireland, Portugal, Slovakia, the EU via its EFSM programme (and possibly SURE), the EFSF and around a 50% chance of a Spanish syndication. The Netherlands has already announced a DDA.

EGB/EU/EFSF/ESM Issuance, Redemptions and CouponsMNI Market News

March Review

• A total of E144.2bln of EGB and EU issuance took place in March 2021. This is an increase of over 31% over the E109.8bln cash raised in March 2020.
• Note that after the heavy issuance of ultra-long bonds in January and February, there were no bonds issued with a longer than 30-year maturity in March.

Contents

• See page 2 for a comparison of issuance with last year for both March and Q1
• See page 3 for links to the MNI policy team's interviews with debt officials.
• See pages 3-12 for country-by-country overviews of issuance so far this year, plans for the rest of the fiscal year and MNI's expectations of April issuance for each country.
• See pages 13-14 for overviews of the 2021 calendar year in comparison to 2020.
• See page 15-22 for bond and T-bill auction calendars for 2021.
• See page 23-25 for a schedule of coupons and redemptions by country for 2021.

For the full document click here:

MNI_EZ_DeepDive_Apr2021.pdf