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Trend Conditions Remain Bullish

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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.

Date Time Country Amount Details Notes
W/C 20-Sep ---- UK TBA 0.875% Jul-33 Green Gilt Synd; New
20-Sep-21 1000 Slovakia E100mln 1.00% Oct-30 SlovGB Re-open
20-Sep-21 1000 Slovakia E100mln 0.375% Apr-36 SlovGB Re-open
20-Sep-21 1000 Slovakia E100mln 2.00% Oct-47 SlovGB Re-open
21-Sep-21 1030 Germany E3bln 0% Nov-28 Bund Re-open
21-Sep-21 1100 Finland E1.0-1.5bln RFGB
22-Sep-21 1000 UK GBP350mln 0.125% Nov-56 linker Re-open
22-Sep-21 1030 Germany E2.5bln 0% May-36 Bund Re-open
22-Sep-21 1030 Portugal TBA Potential OT auction TBA 17-Sep
24-Sep-21 1000 Italy TBA BTP Short Term/BTPei TBA 21-Sep
27-Sep-21 1100 Belgium TBA 24-Sep OLO TBA 20-Sep
27-Sep-21 1100 EU TBA NGEU auction TBA 22-Sep
28-Sep-21 0900 Netherlands E3-5bln Jan-29 DSL TBA 22-Sep
28-Sep-21 1000 UK TBA 21-Sep 1.25% Jul-51 Gilt Re-open
29-Sep-21 1000 Italy TBA M/T & L/T BTP TBA 24-Sep
29-Sep-21 1030 Germany E4bln 0% Aug-31 Bund Re-open
05-Oct-21 1000 Austria TBA RAGB TBA 30-Sep
05-Oct-21 1000 UK TBA 28-Sep 0.25% Jan-25 Gilt Re-open
05-Oct-21 1030 Germany TBA I/L Bund TBA 30-Sep
05-Oct-21 1130 UK TBA 28-Sep 1.125% Jan-39 Gilt Re-open
06-Oct-21 1000 UK TBA 29-Sep 0.50% Jan-29 Gilt Re-open
06-Oct-21 1030 Germany E4bln 0% Oct-26 Bobl Re-open
07-Oct-21 0930 Spain TBA Bono/Olbi TBA 1-Oct
07-Oct-21 0950 France TBA L/T OAT TBA 01-Oct
08-Oct-21 1100 Belgium TBA ORI Facility TBA 07-Oct
W/C 11-Oct ---- EU TBA NGEU green syndication
12-Oct-21 0900 Netherlands TBA Provisional date TBA 06-Oct
12-Oct-21 1000 UK TBA 5-Oct 0.50% Oct-61 Gilt Re-open
12-Oct-21 1030 Germany E5bln 0% Sep-23 Schatz Re-open
13-Oct-21 1000 Italy TBA M/T & L/T BTP TBA 8-Oct
13-Oct-21 1000 UK TBA 6-Oct 0.125% Mar-51 linker Re-open
13-Oct-21 1030 Germany E1bln 0% Aug-52 Bund Re-open
13-Oct-21 1030 Portugal TBA Potential OT auction TBA 8-Oct
18-Oct-21 1000 Slovakia TBA SlovGB
20-Oct-21 1000 UK TBA 13-Oct 0.25% Jul-31 Gilt Re-open
20-Oct-21 1030 Germany E3bln 0% Aug-31 Green Bund Re-open
21-Oct-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 15-Oct
21-Oct-21 0950 France TBA M/T OAT TBA 15-Oct
21-Oct-21 1050 France TBA I/L OAT TBA 15-Oct
25-Oct-21 1100 EU TBA NGEU auction TBA 20-Oct
26-Oct-21 0900 Netherlands TBA Provisional date TBA 20-Oct
26-Oct-21 1000 Italy TBA BTP Short Term/BTPei TBA 21-Oct
26-Oct-21 1000 UK TBA 19-Oct 0.375% Oct-26 Gilt Re-open
26-Oct-21 1030 Germany E3bln 0% Nov-28 Bund Re-open
27-Oct-21 1030 Germany E2.5bln 0% May-36 Bund Re-open
27-Oct-21 1030 Portugal TBA Potential OT auction TBA 22-Oct
28-Oct-21 1000 Italy TBA M/T & L/T BTP TBA 25-Oct
02-Nov-21 1000 Austria TBA RAGB TBA 28-Oct
02-Nov-21 1000 UK TBA 26-Oct 0.25% Jan-25 Gilt Re-open
02-Nov-21 1030 Germany TBA I/L Bund TBA 28-Oct
02-Nov-21 1130 UK TBA 26-Oct 1.625% Oct-71 Gilt Re-open
03-Nov-21 1000 UK TBA 27-Oct 0.50% Jan-29 Gilt Re-open
03-Nov-21 1030 Germany E4bln 0% Oct-26 Bobl Re-open
04-Nov-21 0930 Spain TBA Bono/Olbi TBA 29-Oct
04-Nov-21 0950 France TBA L/T OAT TBA 30-Oct
W/C 8-Nov ---- EU TBA NGEU syndication
09-Nov-21 0900 Netherlands TBA Provisional date TBA 03-Nov
09-Nov-21 1000 UK TBA 2-Nov 1.25% Jul-51 Gilt Re-open
09-Nov-21 1030 Germany E6bln Dec-23 Schatz New
10-Nov-21 1000 UK TBA 3-Nov 0.125% Aug-31 linker Re-open
10-Nov-21 1030 Germany E3bln 0% Aug-31 Bund Re-open
10-Nov-21 1030 Portugal TBA Potential OT auction TBA 5-Nov
11-Nov-21 1000 Italy TBA M/T & L/T BTP TBA 8-Nov
15-Nov-21 1000 Slovakia TBA SlovGB
16-Nov-21 1000 UK TBA 9-Nov 0.375% Oct-26 Gilt Re-open
16-Nov-21 1130 UK TBA 9-Nov 0.875% Jan-46 Gilt Re-open
17-Nov-21 1000 UK TBA 10-Nov Jan-32 Gilt New
17-Nov-21 1030 Germany E1bln 0% Aug-52 Bund Re-open
18-Nov-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 12-Nov
18-Nov-21 0950 France TBA M/T OAT TBA 12-Nov
18-Nov-21 1050 France TBA I/L OAT TBA 12-Nov
W/C 22-Nov ---- UK TBA 40 year+ I/L gilt
22-Nov-21 1100 Belgium TBA 19-Nov OLO TBA 15-Nov
22-Nov-21 1100 EU TBA NGEU auction TBA 17-Nov
23-Nov-21 0900 Netherlands TBA Provisional date TBA 17-Nov
24-Nov-21 1030 Germany E2.5bln 0% May-36 Bund Re-open
24-Nov-21 1030 Portugal TBA Potential OT auction TBA 19-Nov
25-Nov-21 1000 Italy TBA BTP Short Term/BTPei TBA 22-Nov
30-Nov-21 1000 Italy TBA M/T & L/T BTP TBA 25-Nov
30-Nov-21 1030 Germany E3bln 0% Nov-28 Bund Re-open
01-Dec-21 1000 UK TBA 24-Nov 1.125% Jan-39 Gilt Re-open
01-Dec-21 1030 Germany E3bln 0% Oct-26 Bobl Re-open
02-Dec-21 0930 Spain TBA Bono/Olbi TBA 26-Nov
02-Dec-21 0950 France TBA Nominal and/or linker Optional
02-Dec-21 1000 UK TBA 25-Nov 0.25% Jan-25 Gilt Re-open
07-Dec-21 1000 UK TBA 30-Nov 1.25% Jul-51 Gilt Re-open
07-Dec-21 1030 Germany E4bln Dec-23 Schatz Re-open
08-Dec-21 1000 UK TBA 1-Dec 0.125% Mar-39 linker Re-open
08-Dec-21 1030 Germany E3bln 0% Aug-31 Bund Re-open
13-Dec-21 1000 Slovakia TBA Reserve date
14-Dec-21 0900 Netherlands TBA Provisional date TBA 08-Dec
14-Dec-21 1000 Austria TBA RAGB TBA 9-Dec
14-Dec-21 1000 Italy TBA M/T & L/T BTP TBA 9-Dec
14-Dec-21 1000 UK TBA 7-Dec Jan-32 Gilt Re-open
16-Dec-21 0930 Spain TBA Bono/Olbi/ObliEi TBA 10-Dec
17-Dec-21 1100 Belgium TBA ORI Facility TBA 16-Dec
29-Dec-21 1000 Italy TBA BTP Short Term TBA 23-Dec
30-Dec-21 1000 Italy TBA M/T & L/T BTP TBA 27-Dec
05-Jan-22 0930 Spain TBA Bono/Olbi TBA 30-Dec
05-Jan-22 1000 UK TBA Conventional gilt
11-Jan-22 1000 UK TBA Conventional gilt
12-Jan-22 1000 UK TBA I/L gilt
13-Jan-22 1000 Italy TBA M/T & L/T BTP TBA 10-Jan
18-Jan-22 1000 UK TBA Conventional gilt
19-Jan-22 1000 UK TBA Conventional gilt
20-Jan-22 0930 Spain TBA Bono/Olbi/ObliEi TBA 14-Jan
25-Jan-22 1000 UK TBA Conventional gilt
26-Jan-22 1000 Italy TBA BTP Short Term/BTPei TBA 21-Jan
26-Jan-22 1000 UK TBA I/L gilt
28-Jan-22 1000 Italy TBA M/T & L/T BTP TBA 25-Jan
01-Feb-22 1000 UK TBA Conventional gilt
02-Feb-22 1000 UK TBA Conventional gilt
08-Feb-22 1000 UK TBA Conventional gilt
09-Feb-22 1000 UK TBA I/L gilt
15-Feb-22 1000 UK TBA Conventional gilt
16-Feb-22 1000 UK TBA Conventional gilt
23-Feb-22 1000 UK TBA I/L gilt
01-Mar-22 1000 UK TBA Conventional gilt
02-Mar-22 1000 UK TBA Conventional gilt
08-Mar-22 1000 UK TBA Conventional gilt
15-Mar-22 1000 UK TBA Conventional gilt
16-Mar-22 1000 UK TBA I/L gilt
22-Mar-22 1000 UK TBA Conventional gilt
  • Austria has launched 4 new issues via syndication (it had planned 3-4): a single tranche 10-year, a dual tranche 4-year/50-year and a single tranche 15-year RAGB.
  • Belgium had planned to launch 2-3 new OLO benchmarks in two syndicated deals in 2021. It has already held two syndications, launching a new 10-year benchmark on 12 January and a new 50-year syndication on 2 February. Green OLO issuance is limited to EUR1.5bln in 2021.
  • EFSF funding for the year is completed.
  • ESM funding schedule: Q3: E2.0bln (completed), Q4: E2.0bln, 2022: E8.0bln.
  • EU funding: NGEU: E80bln for 2021 (E26bln remaining). MFA: E1.55bln still to be issued in 2021. SURE: Funding complete for 2021 with the rest to be completed in 2022. EFSM funding for 2021 completed.
  • Finland may hold an EMTN transaction in Q3.
  • France has launched new 3-year, 5-year, 10-year, 30-year and 50-year OATs, a 10-year OATei, a 10-year OATi and a 20-year Green OAT.
  • Italy has issued the following new bonds in Q3: BTP Short Term maturing Jan 30, 2024 (min E9bln final outstanding), 3-year BTP maturing August 15, 2024 (Min E9bln final outstanding), 5-year BTP maturing August 1, 2026 (Min E10bln final outstanding).
  • Italy will reopen the following bonds in Q3: BTP Short Term 0% Nov-22, 5-year BTP 0% Apr-26, 7-year BTP 0.50% Jul-28, 10-year BTP 0.95% Dec-31, Other 10+ year on-the-run bonds alongside BTPei, CCTeu and potentially off-the-run CTZ and CCTeu.
  • Slovakia plans three more auctions in 2021 with at least one syndicated transaction (single or dual tranche). The maximum to be raised via syndication will be E4.0bln. It has already launched a new 15-year bond via syndication for E1.5bln.
  • The UK plans to hold a second green syndication in "mid-late October" (and potentially further Green syndication Jan-Mar). It also plans one further conventional syndication in the Jan-Mar quarter.