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MNI Eurozone Issuance Deep Dive: June 2021

The full document is available via the link below:

MNI_EZ_DeepDive_Jun2021_.pdf

June Outlook

  • The MNI Markets team expects gross issuance to be around E9bln higher in June than in May. We look for E131bln of issuance, up from E122bln in May.
  • June will see E55bln of redemptions (E39bln in May) and E7bln of coupons (E18bln). This will leave net issuance at E68bln, not far from May's E65bln.
  • We look for syndications from Italy, Spain and Slovakia as well as the inaugural issuance of NextGenerationEU funds. Finland and/or Belgium could potentially issue in USD.

Contents

  • See page 2 for a comparison of issuance with last year for both May and YTD.
  • 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 June issuance for each country.
  • See pages 13-14 for overviews of the 2021 calendar year in comparison to 2020.
  • See page 15-22 for bond and T-bill auction calendars for 2021.
  • See page 23-25 for a schedule of coupons and redemptions by country for 2021.

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