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MNI Eurozone Issuance Deep Dive: September 2021

The MNI Markets team expects gross issuance to be around E134bln in September 2021, just over double the E65bln seen in July and around E7bln higher than September 2020.

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The full document is available via the link below:

MNI_EZ_DeepDive_Sep2021.pdf

September Outlook

  • The MNI Markets team expects gross issuance to be around E134bln in September 2021, just over double the E65bln seen in July and around E7bln higher than September 2020.
  • However, with large redemptions of E108bln due, we expect net issuance will only be E10bln (down from E31bln in August which saw much smaller redemptions).
  • In terms of syndications, Germany has already announced its 30-year Aug-52 Bund syndication while Greece is set to tap its 5/30-year GGBs and the ESM has announced a 2-year USD transaction. Spain is set to launch its 20-year Green bond. We see a 70% chance of a Slovakian syndication, 50% probability of Austrian and Slovenian syndications and we see a 50% probability of an Italian syndication or syndicated exchange. There is also a chance of a Luxembourg syndication.

Contents

  • See page 2 for a comparison of issuance with last year for both August and the Jan-Aug 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 September issuance for each country.
  • See pages 13-14 for overviews of the 2021 calendar year in comparison to 2020.
  • See page 15-25 for bond and T-bill auction calendars for 2021.
  • See page 26-28 for a schedule of coupons and redemptions by country for 2021.