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MNI Eurozone Issuance Deep Dive: July 2021

EUROZONE ISSUANCE
  • 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.

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