Free Trial

EZ/UK Bond Supply Calendar: BOE Long APF Operation on Monday

Below are the known dates for auctions of European bonds and UK gilts. All times are UK.

See the notes section at the bottom for more colour.

04-Dec-231445UKGBP670mlnLong APF Sales (20y+)
05-Dec-231000UKGBP1.5bln0.75% Nov-33 linkerRe-open
05-Dec-231030GermanyE4.5bln3.10% Dec-25 SchatzRe-open
06-Dec-231000UKGBP3bln0.875% Jul-33 Green GiltRe-open
07-Dec-230930SpainTBA 4-Dec0.60% Oct-29 ObliRe-open
07-Dec-230930SpainTBA 4-Dec3.90% Jul-39 ObliRe-open
07-Dec-230930SpainTBA 4-Dec0.70% Nov-33 Obli-EiRe-open
07-Dec-230950FranceE4.0-5.0bln2.75% Oct-27 OATRe-open
07-Dec-230950FranceShared0% May-32 OATRe-open
07-Dec-230950FranceShared1.25% May-34 OATRe-open
07-Dec-230950FranceShared0.10% Mar-29 OATeiRe-open
07-Dec-231100FinlandTBA 6-DecORI FacilityTBA 6-Dec
11-Dec-231445UKGBP670mlnMedium APF Sales (7y-20y)
12-Dec-231000AustriaTBA 7-DecRAGB Reserve dateTBA 7-Dec
12-Dec-231000UKTBA 5-Dec4.50% Jun-28 GiltRe-open
13-Dec-231000ItalyTBA 7-Dec3-year BTPTBA 7-Dec
13-Dec-231000ItalyTBA 7-Dec7-year BTPTBA 7-Dec
13-Dec-231000UKTBA 6-Dec3.75% Oct-53 GiltRe-open
13-Dec-231030PortugalTBAPotential OT auctionTBA 8-Dec
15-Dec-231100BelgiumTBA 14-DecORI FacilityORI Facility
19-Dec-231000UKTBA 12-Dec4.625% Jan-34 GiltRe-open
04-Jan-240930SpainTBA 1-JanBono/OlbiTBA 29-Dec
04-Jan-240930SpainTBA 1-JanObliEiTBA 29-Dec
04-Jan-241000UKTBA 28-Dec3.75% Jan-38 GiltRe-open
09-Jan-241000UKTBA 2-Jan4.75% Oct-43 GiltRe-open
10-Jan-241000UKTBA 3-JanMar-27 GiltNew
11-Jan-241000ItalyTBA 8-Jan3-year BTPTBA 8-Jan
11-Jan-241000ItalyTBA 8-Jan7-year BTPTBA 8-Jan
11-Jan-241000ItalyTBA 8-Jan15-50-year BTPTBA 8-Jan
15-Jan-241000SlovakiaTBA 8-JanSlovGBTBA 8-Jan
16-Jan-241000UKTBA 9-Jan0.75% Nov-33 linkerRe-open
17-Jan-241130UKTBA 10-Jan4.625% Jan-34 GiltRe-open
18-Jan-240930SpainTBA 15-JanBono/OlbiTBA 12-Jan
W/C 22-Jan----UKTBA30-Year GiltSynd; New
24-Jan-241000UKTBA 17-Jan4.50% Jun-28 GiltRe-open
25-Jan-241000ItalyTBA 22-JanBTP Short TermTBA 22-Jan
25-Jan-241000ItalyTBA 22-JanBTPeiTBA 22-Jan
30-Jan-241000ItalyTBA 25-Jan5-year BTPTBA 25-Jan
30-Jan-241000ItalyTBA 25-Jan10-year BTPTBA 25-Jan
30-Jan-241000ItalyTBA 25-JanCCTeuTBA 25-Jan
30-Jan-241000UKTBA 23-Jan0.125% Mar-51 linkerRe-open
06-Feb-241000UKTBA 30-Jan1.50% Jul-53 Green GiltRe-open
07-Feb-241000UKTBA 31-JanMar-27 GiltRe-open
13-Feb-241000UKTBA 6-Feb0.75% Nov-33 linkerRe-open
14-Feb-241130UKTBA 7-Feb4.625% Jan-34 GiltRe-open
20-Feb-241000UKTBA 13-Feb4.00% Oct-63 GiltRe-open
21-Feb-241000UKTBA 14-Feb4.50% Jun-28 GiltRe-open
27-Feb-241000UKTBA 20-Feb0.125% Mar-39 linkerRe-open
28-Feb-241000UKTBA 21-FebOct-31 GiltNew
05-Mar-241000UKTBA 27-Feb4.75% Oct-43 GiltRe-open
06-Mar-241000UKTBA 28-FebMar-27 GiltRe-open
13-Mar-241000UKTBA 6-Mar4.625% Jan-34 GiltRe-open
19-Mar-241000UKTBA 12-Mar4.50% Jun-28 GiltRe-open
  • Cancelled auctions:
    • Germany has cancelled its Bund auction on 6 December.
    • Italy has cancelled the following auctions:
      • 13 December: BTP with longer maturity than 10-years (although it will still hold its 3-year BTPand 7-year BTP auction on this day).
      • 27 December: BTP Short Term auction.
      • 28 December: 5/10-year BTP / CCTeu auction.
    • Slovakia will not utilise its reserve auction on 18 December.
    • Spain has cancelled its Bono/Obli auction on 14 December.
  • Austria plans to hold 3 to 4 RAGB syndications in 2023. It held its first on 4 January (10-year 2.90% Feb-33 RAGB) and on 18 April held a dual-tranche to launch the 2.90% May-29 Green RAGB and the 30-year 3.15% Oct-53 RAGB. It then held a triple tranche transaction on 19 October to launch the 7-year 3.45% Oct-30 RAGB, tap the 13-year 0.25% Oct-36 RAGB and also tap the 1.85% May-49 Green RAGB.
  • Belgium has held its three planned new OLOs syndications for 2023: it launched the 10-year 3.00% Jun-33 OLO on 10 January, the 30-year 3.30% Jun-54 OLO on 15 February and the 20-year 3.45% Jun-43 OLO on 16 May.
  • The EFSF and the ESM have both completed their planned 2023 issuance.
  • Finland plans to launch three new bonds via syndication in 2023 and has already launched the 3.00% Sep-33 RFGB on 26 April and the 2.75% Apr-38 RFGB on 26 January. It plans to issue a 5-year RFGB in H2.
  • France has now launched all of its planned 2023 new issues: one new 3-year OAT (2.50% Sep-26 OAT launched on 16 February), one new 5/6-year OAT (2.75% Feb-29 OAT launched on 20 April), two new 10-year OATs via auction (the 3.00% May-33 OAT launched on 6 April and the 3.50% Nov-33 OAT on 5 October), new 30-year OAT via syndication (3.00% May-54 OAT launched 7 February), 15-20-year OATi (0.55% Mar-39 OATi launched on 7 June) and one new 10-year OATei (0.60% Jul-34 launched on 20 July).
  • Germany has already held its planned four syndications in 2023. It has already tapped the 1.80% Aug-53 Bund on 23 February, and 29 August. It has launched the 10-year 2.30% Feb-33 Green Bund on 25 April and launched the 30-year 1.80% Aug-53 Green Bund on 13 June.
  • Greece plans to issue its inaugural Green GGB in H2-2023.
  • Ireland has completed its 2023 issuance.
  • Italy Q4 issuance plans:
    • BTP Short-Term: Reopen 3.60% Sep-25 BTP Short Term (minimum E9bln outstanding already exceeded).
    • 3-year BTP: Reopen 3.85% Sep-26 (minimum E9bln outstanding).
    • 5-year BTP: Launch new 4.10% Feb-29 BTP (minimum E10bln outstanding).
    • 7-year BTP: Reopen 4.00% Nov-30 BTP (minimum E10bln outstanding).
    • 10-year BTP: Reopen 4.20% Mar-34 BTP (minimum E10bln outstanding).
  • Slovakia's investor presentation ahead of the June syndication noted it expected to raise E4.0-5.0bln through syndications. This has already been exceeded with a total of E5.5bln raised through the launch of the 12-year 3.75% Feb-35 SlovGB and the 20-year 4.00% Feb-43 SlovGB in a dual-tranche transaction on 15 February and the 10-year 3.625% Jun-33 SlovGB on 1 June.
  • The UK DMO has announced it will hold an index-linked syndicationin March 2024.
  • The UK DMO plans to hold its next GEMM/Investor consultations on 18 March 2024 (subject ot budget timing).

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.