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Today's 10-year NGEU syndication to be followed up in June

  • Just a reminder that the NGEU will issue its first syndicated bond today under the NGEU programme with a 10-year maturity.
  • Note that the maximum size of NEGU syndications are E20bln, but expectations are generally that the transaction will be around E10-12bln in size.
  • In terms of pricing, our policy team has been told to expect pricing to probably be available around 16:30CET/15:30BST.
  • Most SURE transactions priced between 15:25-16:24 UK time.
  • An EU source told our policy team yesterday "the borrowing would be followed by a further comparable issue Iater in June and another in July." Previously, we had known there would be three transactions before the end of July, but we did not know a second transaction was planned for June.
  • The EU Commission is expected to approve several National Recovery Plans this week, but the official said that it made sense to borrow now and to build up resources ready for disbursement in July, once member states have also approved the national plans. "In the meantime, we could build up a buffer and we could accumulate some money. We have time to carry out some transactions and raise some resources and then by the time disbursement is due we have something to start with", the official added.

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