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MARKET INSIGHT

Price Signal Summary - Equities Head North

GREECE T-BILL AUCTION RESULTS

Sells E8.125bln Of 26-Week Bills

FOREX

FX OPTION EXPIRY

OPTIONS

Expiries for Oct26 NY cut 1000ET (Source DTCC)

MNI Eurozone Issuance Deep Dive: October 2021

The MNI Markets team expects gross issuance to be around E94bln in October 2021, down almost 25% from the E123bln raised in September around E8bln lower than October 2020.

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October Outlook:

  • The MNI Markets team expects gross issuance to be around E94bln in October 2021, down almost 25% from the E123bln raised in September around E8bln lower than October 2020.
  • We expect redemptions to almost level out gross issuance, but see a further E21bln of coupon payments, leading to negative net issuance of E21bln. This is less negative than the E29bln of October 2020 but more negative than the E5bln of September 2021.
  • In terms of syndications, the EU is expected to launch its inaugural green bond in the W/C 11 October. Slovakia has already held a 30-year SlovGB transaction while the ESM held a 3-year transaction. Finland or Belgium may hold EMTN transactions while Greece or Luxembourg could also possibly come to the market.
For the full document see the link below:

MNI_EZ_DeepDive_Oct2021.pdf

Contents:

  • See page 2 for a comparison of issuance with last year for both September and the Jan-Sep 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 October issuance for each country.
  • See pages 13-14 for overviews of the 2021 calendar year in comparison to 2020.
  • See page 15-26 for bond and T-bill auction calendars for 2021.
  • See page 27-29 for a schedule of coupons and redemptions by country for 2021.