EZ/UK Bond Supply Calendar: EU / UK syndications this week

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.

• Austria: 3-4 syndications in 2022 (from 3 in 2021). One triple tranche already held on 19 January 2022.
• Belgium: Up to 3 new benchmark OLOs intended to be launched in three syndications in 2022 (up from 2 in 2021). New 10-year launched on 18 January, 30-year OLOs to be launched and also a Green OLO with maturity to be determined.
• Finland looks to hold three syndications in 2022: it has already launched the long 20-year 0.50% Apr-43 RFGB on 26 January and also looks to launch a new 5-year and a new 10-year.
• France: New bonds planned in 2022: One 3-year OAT (launched 20 January), one 5/6-year OAT, two 10-year OATs (first launched 6 January), one 15-year OAT, one new 30-year OATei (launched 25 January via syndication). Potential issues to be examined: 20-30-year OAT via syndication, 10-15-year inflation-linked Green bond. France has E15bln of Green eligible expenditures for 2022 (of which E2.784bln has already been issued).
• Germany: 2022 planned syndications: 30-year 0% Aug-52 Bund reopen in March, 30-year 0% Aug-50 Green Bund reopen in Q2, 5-year Aug-27 Green Bobl new issue in Q3 and new conventional 30-year Bund in Q4.
• Italy: In Q1-22 plans to issue a 5-year BTP maturing 4 January 2027 (minimum outstanding E10bln). It has already launched the 0% Nov-23 BTP Short Term (minimum outstanding E9bln), 30-year 2.15% Sep-52 BTP and 0.10% May-33 BTPei. It also plans to reopen the 0% Jan-24 BTP Short, the 3-year 0% Dec-24 BTP, the 5-year 0% Aug-26 BTP, 7-year 0.4% Feb-29 BTP and also the 10-year 0.95% Jun-32 BTP.
• Netherlands: 2022 new issues: 5-year Jan-26 DSL launched via MTS auction on 11 January for E5.411bln inc second round (E8bln to be issued in 2022 with E12bln target size within 18 months), 10-year Jul-32 DSL via DDA on 15 February (E4-6bln launch with E12bln issued through 2022), new 30-year DSL via DDA with timing TBA (E5bln to be issued in 2022 with E10bln eventual size). On-the-run issues to be tapped in 2022: 0% Jan-29 DSL to be tapped via auction on 8 March and one other time in 2022 for E4bln total. 0.50% Jan-40 Green DSL (current outstanding E10.7bln) will be increased in size by E5bln in one re-opening. E11bln of funding still TBA (including two tap auctions in Q1).
• Slovakia: Plans to sell E2-3bln via syndication in 1-2 transactions in 2022.