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MNI Eurozone Issuance Deep Dive: 2023 Outlook: Spain Update

  • This is MNI's flagship Eurozone issuance publication for 2023.
  • The MNI Markets team expects gross issuance to be around E1.46tln in 2023, higher than during the pandemic, and up around 15% on 2022’s E1.26tln.
  • However, redemptions in 2023 are expected to be around 12% higher than in 2022 (E861bln in 2023 vs E770bln in 2022).
  • We look for net issuance in 2023 of E429bln, around 50% higher than the E276bln in 2022.
  • The biggest increases in issuance this year are expected to be from the EU, Germany and Italy. There are also notable increases in Portugal and Spain.
  • We have updated the original document published on 9 January to incorporate Spain's 2023 funding plan that was published yesterday.
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