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RFP issued

EUROZONE ISSUANCE

Bloomberg have reported that the EU has issued an RFP to banks regarding an upcoming SURE transaction.

  • Note that the first SURE transaction saw 10/20-year issuance, the second 5/30-year issuance and the third 15-year issuance. It's unclear whether increasing the size of these current benchmarks will be prioritized (in which case a 10/20-dual tranche looks likely) or whether the remaining points in the curve are likely to be targeted (in which case maybe a 7/25-year dual tranche would be offered). Note that the EU looks to issue E30-35bln of SURE bonds in Q1.

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