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Likely the final large EU SURE transaction

EUROZONE ISSUANCE
  • The uneven size of the 8-year indicates that this is probably the final issuance we will see of EU SURE bonds.
  • As we noted in our preview the EU had expected a further E13-15bln of funding to complete the programme. Today's funding sees E14.137bln raised.
  • There may still be some small taps of issues but until we start to rollover funding, we are unlikely to see any other big SURE transactions.
  • Focus now turns to NGEU funding which is due to start in the middle of the year.

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