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MNI Eurozone Issuance Deep Dive: July 2021

The full document is available via the link below:

MNI_EZ_DeepDive_Jul2021.pdf

July Outlook

  • The MNI Markets team expects gross issuance to be around E32bln lower in July than June. We look for E138bln of gross issuance (E41bln net).
  • This would be a similar gross issuance amount to July 2020, but net issuance will be higher with smaller redemptions due.
  • In addition to the NGEU and EFSM syndications from the EU, we look for syndications from France (30-year), Italy, the EFSF and possibly Austria. Finland and/or Belgium could potentially issue in USD.

Contents

  • See page 2 for a comparison of issuance with last year for both June and H1.
  • 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 July 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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