MNI Eurozone Issuance Deep Dive: August / September 2022

August / September Outlook:

• The MNI Markets team expects gross issuance to drop to E54bln in August (close to half of July’s level) and then pick up to E121bln in July (similar to May’s issuance which was the second highest of the year following January’s E150bln).
• However, we expect net issuance in August will actually be the second highest in H2-22 with E24bln of redemptions of E7bln of coupon payments leaving net issuance at +E23bln. September by contrast will see redemptions of E117bln almost cancelling out gross issuance even before coupon payments of E13bln which leave net issuance at -E9bln.

MNI_EZ_DeepDive_2022_08.pdf

Contents:

• See pages 3-27 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 28-29 for overviews of the 2022 calendar year in comparison to 2021.
• See page 30-40 for bond and T-bill auction calendars for 2022.
• See page 41-43 for a schedule of coupons and redemptions by country for 2022.

Syndications:

• We expect an August syndication from Finland (5y).
• In September, the Netherlands is due to launch a new 30y DSL via DDA, Germany will launch a new Green Bobl while the EU is scheduled to hold a syndication.
• We expect further possible September syndications from Austria, the EFSF / ESM, Greece, Italy, Portugal and Slovenia.