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EZ/UK Bond Supply Calendar: EU Synd, Germany Auction 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.

14-Nov-23----EUTBANew Dec-28 EU-BondSynd
14-Nov-23----EUShared2.625% Feb-48 Green EU-bondSynd; Tap
14-Nov-231030GermanyE5bln3.10% Dec-25 SchatzRe-open
15-Nov-23----UKTBA4.75% Oct-43 GiltSynd; New
15-Nov-231000GreeceTBA 14-NovGGBTBA 14-Nov
15-Nov-231030GermanyE1bln0% Aug-52 BundRe-open
15-Nov-231030GermanyE1bln1.80% Aug-53 BundRe-open
16-Nov-230930SpainE4.0-5.0bln2.80% May-26 BonoRe-open
16-Nov-230930SpainShared3.55% Oct-33 ObliRe-open
16-Nov-230930SpainShared3.45% Jul-43 ObliRe-open
16-Nov-230950FranceE9.0-10.0bln2.50% Sep-26 OATRe-open
16-Nov-230950FranceShared0.75% Feb-28 OATRe-open
16-Nov-230950FranceShared2.75% Feb-29 OATRe-open
16-Nov-231050FranceE1.25-1.75bln0.10% Mar-29 OATeiRe-open
16-Nov-231050FranceShared0.10% Jul-36 OATeiRe-open
16-Nov-231050FranceShared0.10% Jul-53 OATeiRe-open
20-Nov-231000SlovakiaTBA0.125% Jun-27 SlovGBRe-open
20-Nov-231000SlovakiaTBA4.00% Oct-32 SlovGBRe-open
20-Nov-231000SlovakiaTBA3.625% Jun-33 SlovGBRe-open
20-Nov-231000SlovakiaTBA3.75% Feb-35 SlovGBRe-open
20-Nov-231445UKGBP670mlnMedium APF Sales (7y-20y)
21-Nov-231030GermanyE3.5bln2.40% Oct-28 BoblRe-open
21-Nov-231100FinlandE1.0-1.5blnConventional auction
22-Nov-231030GermanyE1bln1.00% May-38 BundRe-open
22-Nov-231030GermanyE500mln15-year BundTBA 14-Nov
22-Nov-231030PortugalTBAPotential OT auctionTBA 17-Nov
24-Nov-231000ItalyTBA 21-NovBTP Short TermTBA 21-Nov
24-Nov-231000ItalyTBA 21-NovBTPeiTBA 21-Nov
27-Nov-231030EUTBA 22-NovEU-bond auctionTBA 22-Nov
27-Nov-231445UKGBP670mlnShort APF Sales (3y-7y)
28-Nov-231000UKTBA 21-Nov3.75% Oct-53 GiltRe-open
29-Nov-231000ItalyTBA 24-Nov5-year BTPTBA 24-Nov
29-Nov-231000ItalyTBA 24-Nov10-year BTPTBA 24-Nov
29-Nov-231000ItalyTBA 24-NovCCTeuTBA 24-Nov
29-Nov-231000UKTBA 22-Nov3.50% Oct-25 GiltRe-open
29-Nov-231030GermanyE3.5bln2.60% Aug-33 BundRe-open
04-Dec-231445UKGBP670mlnLong APF Sales (20y+)
05-Dec-231000UKTBA 28-Nov0.75% Nov-33 linkerRe-open
05-Dec-231030GermanyE4.5bln3.10% Dec-25 SchatzRe-open
06-Dec-231000UKTBA 29-Nov0.875% Jul-33 Green GiltRe-open
07-Dec-230930SpainTBA 4-DecBono/OlbiTBA 1-Dec
07-Dec-230930SpainTBA 4-DecObliEiTBA 1-Dec
07-Dec-230950FranceTBA 1-DecLT OATsTBA 1-Dec
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-231000ItalyTBA 7-Dec15-50-year BTPTBA 7-Dec
13-Dec-231030PortugalTBAPotential OT auctionTBA 8-Dec
14-Dec-230930SpainTBA 11-DecBono/OlbiTBA 8-Dec
15-Dec-231100BelgiumTBA 14-DecORI FacilityORI Facility
27-Dec-231000ItalyTBA 20-DecBTP Short TermTBA 20-Dec
28-Dec-231000ItalyTBA 21-Dec5-year BTPTBA 21-Dec
28-Dec-231000ItalyTBA 21-Dec10-year BTPTBA 21-Dec
28-Dec-231000ItalyTBA 21-DecCCTeuTBA 21-Dec
04-Jan-240930SpainTBA 1-JanBono/OlbiTBA 29-Dec
04-Jan-240930SpainTBA 1-JanObliEiTBA 29-Dec
04-Jan-241000UKTBAConventional auction
09-Jan-241000UKTBAConventional auction
10-Jan-241000UKTBAConventional auction
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
16-Jan-241000UKTBAConventional auction
18-Jan-240930SpainTBA 15-JanBono/OlbiTBA 12-Jan
23-Jan-241000UKTBAConventional auction
24-Jan-241000UKTBAConventional auction
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
06-Feb-241000UKTBAConventional auction
07-Feb-241000UKTBAConventional auction
13-Feb-241000UKTBAI/L gilt
14-Feb-241000UKTBAConventional auction
20-Feb-241000UKTBAConventional auction
21-Feb-241000UKTBAConventional auction
27-Feb-241000UKTBAI/L gilt
28-Feb-241000UKTBAConventional auction
06-Mar-241000UKTBAConventional auction
12-Mar-241000UKTBAI/L gilt
13-Mar-241000UKTBAConventional auction
19-Mar-241000UKTBAConventional auction
  • Cancelled auctions:
    • Belgium has cancelled its OLO auction on 20 November.
    • Germany has cancelled its Bund auction on 6 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 Chancellor will present the Autumn Statement on 22 November. The UK DMO will announce the agenda for its consultation meetings with investors and GEMMs to discuss FQ4 (January to March) issuance operations on 22 November at 3:30GMT with the meetings held on 27 November. The issuance calendar for the period at 7:30GMT on 30 November.

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