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Green NGEU Syndication Preview

EUROZONE ISSUANCE
  • The EU will come to the market tomorrow to hold a syndication for its inaugural Green bond, a long 15-year Feb-37 for E12bln (WNG).
  • This is in line with MNI's expectation of a 15/25-year maturity bond with a E10-15bln transaction size.
  • Demand is expected to be huge. Green bond launches across EGB sovereign bond markets have generally seen much larger demand than non-green issues. Given the book sizes for the EU's transactions over the past year, we not be at all surprised to see another book in excess of E100bln.
  • Up to 30% of the E800bln EU funding planned by the end of 2026 will be made up of green bonds.
  • Following tomorrow's transaction, the EU will have E11.5bln of its E80bln planned issuance remaining (in two planned auctions and one more syndication). We think that next month's syndication could see a 25-year EU-bond launched.
  • Timing: The four NGEU syndications so far have seen books open around 8:00BST/9:00CET with final terms for the past three syndications seeing final terms between 8:59-9:16BST. The last syndication priced just after 13:00BST, much earlier than the previous three transactions which priced between 14:19-16:00BST.
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