Funding plans updated last 2 weeks (1/2)

There were a number of issuance plans updated over the last 2 weeks, and we recap the major changes here:

• The EU has announced that it looks to sell E50bln of NGEU bonds in H2-22 (same as in H1) with an additional up to E9bln in MFA bonds for loans to Ukraine and up to E6.6bln for SURE. It will hold 5 syndications and 4 bond auctions each month with 3/6-month bills sold in separate auctions each month (although 21 Dec is an optional bill auction date).
• The Netherlands lowered its 2022 capital markets funding target from "approximately" E45bln to a E40-45bln range. It also announced in Q3 it would hold one conventional 10-year DSL auction and launch a new 30-year DSL via DDA as well as hold two DTC auctions per month.
• Italy gave further guidance on its funding target. It raised E123.5bln gross in the January to May period and looks to raise E150bln gross (E5bln net) in the June to December period. This includes funds raised from NGEU - of which a E21bln request was submitted on 29 June. It will look to launch a new 5-year BTP in Q3.
• Portugal updated its funding expectations for 2022. It has already issued E9.8bln of OTs and looks to issue a further E3.3bln of OT+EMTN in H2. This indicates total funding for 2022 of E13.1bln, down from the E17.7bln initial estimate for the year. Portugal will look to hold a 12-month BT auction in July and a 6/12-month BT auction in September. OT auction schedules are yet to be confirmed.