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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI Eurozone Issuance Deep Dive: 2022 Outlook
2022 Outlook:
- The MNI Markets team expects gross issuance to be around E1.27tln in 2022, down just over 10% from the E1.42tln raised in 2021.
- However, redemptions in 2022 are expected to be over 10% higher than in 2021 (E769bln in 2022 vs E696bln in 2021).
- With coupon payments largely the same, we look for net issuance in 2022 of E327bln, down around 40% from the E551bln in 2021.
- Indeed, as the adjacent table shows, the vast majority of countries see a significantly lower issuance target in 2022 than in 2021, with only Belgium, Finland, Portugal and Slovenia looking to issue more.
MNI_EZ_DeepDive_2022_Outlook.pdfContents
Contents
- See pages 2-11 for country-by-country overviews of issuance so far this year, plans for the rest of the fiscal year and MNI’s expectations of January / February issuance for each country.
- See pages 12-13 for overviews of the 2022 calendar year in comparison to 2021.
- See page 14-20 for bond and T-bill auction calendars for 2022.
- See page 21-23 for a schedule of coupons and redemptions by country for 2022.
January - February Preview
- MNI looks for gross issuance of E138bln in January 2022 and E119bln in February 2022.
- Relative to January 2021, this is a reduction from the E170bln issued last year. The main differences are E12bln less of EU issuance (due to an auction being held in Jan 2022 versus a syndication in Jan 2021) and E10bln less Italian funding due to a smaller syndication and smaller auction sizes,
- February 2022 issuance is expected to be a similar size to February 2021.
- Syndications already held/announced: Austria 7/20/50-year, Belgium 10-year, Cyprus 10-year, EFSF 8/30-year, Greece 10-year, Ireland 10-year, Italy 30-year BTP, Portugal 20-year, Slovenia 5/40-year, Spain 10-year
- Syndications expected before end of February 2022: Belgium 30-year, ESM (unspecified), EU 10-year NGEU, Finland 10-year, France 30-year OATei, Italy (unspecified), Netherlands 10-year (via DDA).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.