EZ/UK Bond Supply Calendar: EFSF Syndication, IT, DE Tuesday

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.

• Cancelled auctions:
  • Italy has announced that it will not hold its BTPEi auction on 27 August.
  • Slovakia has announced it will not use its 19 August reserve auction date.
  • Spain has cancelled its auction previously planned for August 22.
• Austria plans 3-4 syndication in 2024 (it has held one triple tranche on 18 January and one single tranche on 22 May) and to raise E6.0bln through green issuance (with an 80/20 bond/bill split).
• Belgium has launched its planned 3 new benchmark OLOs for in 2024 via syndications (3 in 2023). 5-year 2.70% Oct-29 OLO (launched on 9 April), 10-year 2.85% Oct-34 OLO (launched on 9 January) and 30-year 3.50% Jun-55 OLO launched on 7 February. Belgium has also sold USD1.25bln of the 30-year 4.875% Jun-55 USD bond and may hold further EMTN transactions if funding conditions remain favourable.
• Finland plans 3 syndications in 2024, 30-year benchmark has already been issued (on 17 January), new 10-year on 23 April) with a third due in Q4 (5-7 / 15+ year). E10bln is expected to be raised at syndications in 2024 with E7bln raised so far.
• France plans to launch the following new issues in 2024: one new 3-year OAT (launched 18 January), one new 5/6-year OAT (launched on 18 April), two new 10-year OATs via auction, new 30-year OAT via syndication (launched 27 February), one new 10-year OATei and under consideration is a 15-20-year OATi. 3.00% Jun-49 Green OAT was launched on 16 January.
• Germany has held three syndications in 2024:The 30-year 2.50% Aug-54 Bund was launched in January and then reopened for a combined E10.5bln. The 1.80% Aug-53 Green Bund was reopened for E3.0bln in June.
• Ireland intends to conduct "at least one" syndication in 2024. It launched a new 10-year IGB on 11 January.
• Italy: New bonds to be issued in Q3 are a BTP Short Term maturing 28 August 2026 (minimum outstanding E9bln, launched 25 July), a 5-year BTP maturing 1 October 2029 (minimum outstanding E10bln), and a 10-year BTP maturing 1 February 2035 (minimum outstanding E10bln, to be launched 30 July). Bonds to be reopened in Q3 are the 3-year 3.45% Jul-27 BTP (minimum outstanding E9bln), the 5-year 3.35% Jul-29 BTP (minimum outstanding E10bln already exceeded), the 7-year 3.45% Jul-31 BTP (minimum outstanding E10bln), and the 10-year 3.85% Jul-34 BTP (minimum outstanding E10bln already exceeded).
• Italy has launched two BTP Valores (first launched W/C 27 February and W/C 6 May) and one BTP Italia (on 2 Jul) in 2024 as of now. Possibility of new BTP Futura would be based on market conditions and demand for the instrument.
• Slovakia plans to raise E4.5-5.5bln through syndications in 2024 with 2-3 new issues launched: one 2-year (launched on 5 February, max issue size E1.5bln), one 4- year (launched on 5 February, max issue size E3bln), one 10-year (launched on 27 February; max issue size E5bln).
• The BOE will announce its 2024/25 APF sales target on 19 September (if there are active sales, the Q4-24 schedule will be announced simultaneously).
• The UK DMO will hold its next quarterly consultation meetings with investors and GEMMs to discuss FQ3 issuance on Monday 19 August.
• The UK DMO plans to hold a linker syndication in FQ3 (Oct-Dec).