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MNI Eurozone Issuance Deep Dive: 2025 Outlook

We round up the 2025 funding plans, our own expectations of new bonds that will be issued, timing and syndications.
HomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneGlobal Issuance - Deep DiveMarketsStory
  • The MNI Markets team expects gross issuance of EGBs, EU-bond and ESM/EFSF issues to be E1.51tln in 2025, broadly similar to 2024’s level.
  • Redemptions in 2025 (E901bln) are expected to be broadly the same as in 2024 with coupons a bit higher (E220bln).
  • This leaves net flows for 2025 at an estimated E392bln.
  • We round up the 2025 funding plans as well as our own expectations of new bonds that will be issued, timing and syndication expectations.

For the full document see: MNI_EZ_DeepDive_2025_Outlook.pdf

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  • The MNI Markets team expects gross issuance of EGBs, EU-bond and ESM/EFSF issues to be E1.51tln in 2025, broadly similar to 2024’s level.
  • Redemptions in 2025 (E901bln) are expected to be broadly the same as in 2024 with coupons a bit higher (E220bln).
  • This leaves net flows for 2025 at an estimated E392bln.
  • We round up the 2025 funding plans as well as our own expectations of new bonds that will be issued, timing and syndication expectations.

For the full document see: MNI_EZ_DeepDive_2025_Outlook.pdf

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