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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 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.
- 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.