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The MNI Markets team expects gross issuance to be around E32bln in December 2021. We also take a first look at preliminary 2022 issuance plans.
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- The MNI Markets team expects gross issuance to be around E32bln in December 2021, down almost 65% from the E89bln raised in November as issuance winds down towards the end of the year. This would still be larger than the E27bln seen in December 2020.
- However, we expect redemptions to balance out gross issuance. With coupons of E2bln we would look for net issuance of negative E3bln (marginally lower than December 2020).
- In addition to the December outlook, we also take a first look at preliminary 2022 issuance plans.
- See page 2 for a comparison of issuance with last year for both the Oct-Nov period and the Jan-Nov period.
- See pages 3-14 for country-by-country overviews of issuance so far this year, plans for the rest of the fiscal year and MNI’s expectations of December issuance for each country.
- See pages 15-16 for overviews of the 2021 calendar year in comparison to 2020.
- See page 17-28 for bond and T-bill auction calendars for 2021.
- See page 29-31 for a schedule of coupons and redemptions by country for 2021.