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EZ/UK Bond Supply Calendar: ESM to kick off Q4 issuance next wk

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.

W/C 4-Oct----ESMTBARFP issued
05-Oct-211000AustriaE1.265bln0% Apr-25 RAGBRe-open
05-Oct-211000Austria""0% Feb-31 RAGBRe-open
05-Oct-211000UKGBP3bln0.25% Jan-25 GiltRe-open
05-Oct-211030GermanyE500mln0.10% Apr-33 ILBRe-open
05-Oct-211030GermanyE200mln0.10% Apr-46 ILBRe-open
05-Oct-211130UKGBP2.25bln1.125% Jan-39 GiltRe-open
06-Oct-211000UKGBP2.5bln0.50% Jan-29 GiltRe-open
06-Oct-211030GermanyE4bln0% Oct-26 BoblRe-open
07-Oct-210930SpainTBA 3-Oct0% Jan-28 BonoRe-open
07-Oct-210930SpainTBA 3-Oct0.50% Oct-31 ObliRe-open
07-Oct-210930SpainTBA 3-Oct2.70% Oct-48 ObliRe-open
07-Oct-210930SpainTBA 3-Oct0.70% Nov-33 Obli-EiRe-open
07-Oct-210950FranceE10-11bln2.50% May-30 OATRe-open
07-Oct-210950France""0% Nov-31 OATRe-open
07-Oct-210950France""0.75% May-53 OATRe-open
07-Oct-210950France""1.75% May-66 OATRe-open
08-Oct-211100BelgiumTBAORI FacilityTBA 07-Oct
W/C 11-Oct----EUTBANGEU green syndication
12-Oct-210900NetherlandsTBAExisting DSLTBA 06-Oct
12-Oct-211000UKTBA 5-Oct0.50% Oct-61 GiltRe-open
12-Oct-211030GermanyE5bln0% Sep-23 SchatzRe-open
13-Oct-211000ItalyTBAM/T & L/T BTPTBA 8-Oct
13-Oct-211000UKTBA 6-Oct0.125% Mar-51 linkerRe-open
13-Oct-211030GermanyE1bln0% Aug-52 BundRe-open
13-Oct-211030PortugalTBAPotential OT auctionTBA 8-Oct
14-Oct-211000IrelandTBAIGBTBA 11-Oct
18-Oct-211000SlovakiaE100mln0% Jun-24 SlovGBRe-open
18-Oct-211000SlovakiaE100mln1.00% Oct-30 SlovGBRe-open
18-Oct-211000SlovakiaE100mln0.375% Apr-36 SlovGBRe-open
W/C 18-Oct----UKTBAJul-53 Green GiltSynd; New
19-Oct-211100FinlandE1.0-1.5blnRFGBTBA 15-Oct
20-Oct-211000UKTBA 13-Oct0.25% Jul-31 GiltRe-open
20-Oct-211030GermanyE3bln0% Aug-31 Green BundRe-open
21-Oct-210930SpainTBABono/Olbi/ObliEiTBA 15-Oct
21-Oct-210950FranceTBAM/T OATTBA 15-Oct
21-Oct-211050FranceTBAI/L OATTBA 15-Oct
25-Oct-211030EUTBANGEU auctionTBA 20-Oct
26-Oct-210900NetherlandsE1.5-2.5bln0% Jul-31 DSLRe-open
26-Oct-211000ItalyTBABTP Short Term/BTPeiTBA 21-Oct
26-Oct-211000UKTBA 19-Oct0.375% Oct-26 GiltRe-open
26-Oct-211030GermanyE3bln0% Nov-28 BundRe-open
27-Oct-211030GermanyE2bln0% May-36 BundRe-open
27-Oct-211030PortugalTBAPotential OT auctionTBA 22-Oct
28-Oct-211000ItalyTBAM/T & L/T BTPTBA 25-Oct
02-Nov-211000AustriaTBARAGBTBA 28-Oct
02-Nov-211000UKTBA 26-Oct0.25% Jan-25 GiltRe-open
02-Nov-211030GermanyTBAI/L BundTBA 28-Oct
02-Nov-211130UKTBA 26-Oct1.625% Oct-71 GiltRe-open
03-Nov-211000UKTBA 27-Oct0.50% Jan-29 GiltRe-open
03-Nov-211030GermanyE4bln0% Oct-26 BoblRe-open
04-Nov-210930SpainTBABono/OlbiTBA 29-Oct
04-Nov-210950FranceTBAL/T OATTBA 30-Oct
W/C 8-Nov----EUTBANGEU syndication
09-Nov-210900NetherlandsE1.5-2.5bln0% Jan-38 DSLRe-open
09-Nov-211000UKTBA 2-Nov1.25% Jul-51 GiltRe-open
09-Nov-211030GermanyE6blnDec-23 SchatzNew
10-Nov-211000UKTBA 3-Nov0.125% Aug-31 linkerRe-open
10-Nov-211030GermanyE3bln0% Aug-31 BundRe-open
10-Nov-211030PortugalTBAPotential OT auctionTBA 5-Nov
11-Nov-211000ItalyTBAM/T & L/T BTPTBA 8-Nov
11-Nov-211000IrelandTBAIGBTBA 8-Nov
W/C 15-Nov----ESMTBAPotential transaction
16-Nov-211000UKTBA 9-Nov0.375% Oct-26 GiltRe-open
16-Nov-211100FinlandE1.0-1.5blnRFGBTBA 12-Nov
16-Nov-211130UKTBA 9-Nov0.875% Jan-46 GiltRe-open
17-Nov-211000UKTBA 10-NovJan-32 GiltNew
17-Nov-211030GermanyE1bln0% Aug-52 BundRe-open
18-Nov-210930SpainTBABono/Olbi/ObliEiTBA 12-Nov
18-Nov-210950FranceTBAM/T OATTBA 12-Nov
18-Nov-211050FranceTBAI/L OATTBA 12-Nov
W/C 22-Nov----UKTBA40 year+ I/L gilt
22-Nov-211030EUTBANGEU auctionTBA 17-Nov
22-Nov-211100BelgiumTBA 19-NovOLOTBA 15-Nov
23-Nov-210900NetherlandsE2-3bln0% Jan-29 DSLRe-open
24-Nov-211030GermanyE2bln0% May-36 BundRe-open
24-Nov-211030PortugalTBAPotential OT auctionTBA 19-Nov
25-Nov-211000ItalyTBABTP Short Term/BTPeiTBA 22-Nov
30-Nov-211000ItalyTBAM/T & L/T BTPTBA 25-Nov
30-Nov-211030GermanyE3bln0% Nov-28 BundRe-open
01-Dec-211000UKTBA 24-Nov1.125% Jan-39 GiltRe-open
01-Dec-211030GermanyE3bln0% Oct-26 BoblRe-open
02-Dec-210930SpainTBABono/OlbiTBA 26-Nov
02-Dec-210950FranceTBANominal and/or linkerOptional
02-Dec-211000UKTBA 25-Nov0.25% Jan-25 GiltRe-open
07-Dec-210900NetherlandsTBAExisting DSLTBA 01-Dec
07-Dec-211000UKTBA 30-Nov1.25% Jul-51 GiltRe-open
07-Dec-211030GermanyE4blnDec-23 SchatzRe-open
08-Dec-211000UKTBA 1-Dec0.125% Mar-39 linkerRe-open
08-Dec-211030GermanyE3bln0% Aug-31 BundRe-open
13-Dec-211000SlovakiaTBAReserve date
14-Dec-211000AustriaTBARAGBTBA 9-Dec
14-Dec-211000ItalyTBAM/T & L/T BTPTBA 9-Dec
14-Dec-211000UKTBA 7-DecJan-32 GiltRe-open
16-Dec-210930SpainTBABono/Olbi/ObliEiTBA 10-Dec
17-Dec-211100BelgiumTBAORI FacilityTBA 16-Dec
29-Dec-211000ItalyTBABTP Short TermTBA 23-Dec
30-Dec-211000ItalyTBAM/T & L/T BTPTBA 27-Dec
05-Jan-220930SpainTBABono/OlbiTBA 30-Dec
05-Jan-221000UKTBAConventional gilt
11-Jan-221000UKTBAConventional gilt
12-Jan-221000UKTBAI/L gilt
13-Jan-221000ItalyTBAM/T & L/T BTPTBA 10-Jan
18-Jan-221000UKTBAConventional gilt
19-Jan-221000UKTBAConventional gilt
20-Jan-220930SpainTBABono/Olbi/ObliEiTBA 14-Jan
25-Jan-221000UKTBAConventional gilt
26-Jan-221000ItalyTBABTP Short Term/BTPeiTBA 21-Jan
26-Jan-221000UKTBAI/L gilt
28-Jan-221000ItalyTBAM/T & L/T BTPTBA 25-Jan
01-Feb-221000UKTBAConventional gilt
02-Feb-221000UKTBAConventional gilt
08-Feb-221000UKTBAConventional gilt
09-Feb-221000UKTBAI/L gilt
15-Feb-221000UKTBAConventional gilt
16-Feb-221000UKTBAConventional gilt
23-Feb-221000UKTBAI/L gilt
01-Mar-221000UKTBAConventional gilt
02-Mar-221000UKTBAConventional gilt
08-Mar-221000UKTBAConventional gilt
15-Mar-221000UKTBAConventional gilt
16-Mar-221000UKTBAI/L gilt
22-Mar-221000UKTBAConventional 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: Q4: E2.0bln, 2022: E8.0bln.
  • EU funding: NGEU: E80bln for 2021 (E23.5bln 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.
  • 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 will issue the following new bonds in Q4: 3-year BTP maturing 15 Dec, 2024 with a minimum final outstanding of E9bln, 7-year BTP maturing 15 Feb, 2029 with a minimum final outstanding of E10bln,10-year BTP maturing 1 Jun, 2032 with a minimum final outstanding of E10bln.
  • Italy will reopen the following bonds in Q4: 0% Jan-24 BTP Short Term, 0% Aug-24 BTP, 0% Aug-26 BTP, 0.50% Jul-28 BTP and the 0.95% Dec-31 BTP. 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.

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