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MNI Eurozone Issuance Deep Dive: August 2021

The full document is available via the link below:

MNI_EZ_DeepDive_Aug2021.pdf

August Outlook

  • The MNI Markets team expects gross issuance to be around E71bln in August, just over half the E131bln seen in July. We look for net issuance of E37bln.
  • This would be a slightly smaller gross issuance amount to July 2020 (E84bln), but net issuance will be much lower (E76bln last year) as there were no significant redemptions in July 2020.
  • We think that Finland is the only country likely to hold a syndication during August.

Contents

  • See page 2 for a comparison of issuance with last year for both July and the Jan-Jul period.
  • See pages 3-12 for country-by-country overviews of issuance so far this year, plans for the rest of the fiscal year and MNI's expectations of August issuance for each country.
  • See pages 13-14 for overviews of the 2021 calendar year in comparison to 2020.
  • See page 15-24 for bond and T-bill auction calendars for 2021.
  • See page 25-27 for a schedule of coupons and redemptions by country for 2021.

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