MNI Eurozone Issuance Deep Dive: April/May 2022

April / May Outlook:

• The MNI Markets team expects gross issuance to drop to E110bln in April (similar to February) and then pick up to E123bln in May (around E5bln above March levels).
• However, April sees the largest redemptions of the year with E137bln and a further E19bln of coupons. We therefore estimate negative net issuance of -E46.8bln, the largest month of net negative issuance since pre-pandemic.
• In May, redemptions of E59bln and coupons of E19bln leave our estimate of net issuance at +E44bln. So over the two month period, net issuance will be close to flat.

MNI_EZ_DeepDive_2022_04.pdf

Contents:

• See pages 3-13 for country-by-country overviews of issuance so far this year, plans for the rest of the fiscal year and MNI’s expectations of April and May issuance for each country.
• See pages 17-18 for overviews of the 2022 calendar year in comparison to 2021.
• See page 19-27 for bond and T-bill auction calendars for 2022.
• See page 28-30 for a schedule of coupons and redemptions by country for 2022.

Syndications:

• We have already had a new green 20-year EU bond and 10-year Portugal OT issued in April.
• The EU is scheduled to hold another syndication in May while we expect further syndications from the EFSF, ESM, Greece, Finland, Italy and Slovakia.
• There is also a chance of a Belgian or Spanish syndication, French green linker.