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Eurozone Issuance Deep Dive: April 2021

MNI Markets team expects gross issuance in the Eurozone to be slightly lower in April than in March. We look for E140.2bln of issuance, down from E148.1bln in March.

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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