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MNI Eurozone Issuance Deep Dive: 2023 Outlook

EUROZONE ISSUANCE
  • This is MNI's flagship Eurozone issuance publication for 2023.
  • The MNI Markets team expects gross issuance to be around E1.45tln in 2023, higher than during the pandemic, and up around 15% on 2022’s E1.26tln.
  • However, redemptions in 2023 are expected to be around 12% higher than in 2022 (E861bln in 2023 vs E770bln in 2022).
  • We look for net issuance in 2022 of E421bln, around 50% higher than the E276bln in 2022.
  • The biggest increases in issuance this year are expected to be from the EU, Germany and Italy. There are also a notable increases in Portugal (and potentially Spain).
Contents
  • See pages 2-10 for country-by-country overviews of issuance plans for 2023 and MNI’s expectations of January / February issuance for each country.
  • See pages 11 for lists of bonds maturing in both 2023 and 2022.
  • See page 12-18 for printable bond and T-bill auction calendars for 2023.
  • See page 19-21 for a schedule of coupons and redemptions by country for 2023.

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