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EGB FUNDING UPDATE: Spain 2025 Funding Plan

EGB FUNDING UPDATE
EurozoneBulletMarketsFixed Income Bullets
  • Spain has published its 2025 funding plans over the past 24 hours.
  • The gross issuance target for MT/LT debt is E176.514bln (which is slightly above the highest estimates that we had seen which ranged from E140-170bln).
  • Redemptions of MT/LT debt in 2025 total E121.514ln, a little above 2024’s E118.118bln.
  • This leave net MT/LT issuance at E55bln (the top of expectations which ranged from E25-55bln).
  • Gross issuance in 2024 was E169.898 (net issuance E51.780bln). The 2024 target was E173.118bln (net issuance E55bln).
  • So relative to 2024, gross issuance is expected to be E6.616bln higher (expectations were broadly E3-33bln lower) with net issuance expected to be similar to 2024.
  • The stock letras is forecast to increase E5.0bln (it had been expected to remain steady in 2025).
  • Spain also expects to receive E16.0bln from the NGEU Recovery Plan.
  • Spain plans to keep tapping the 1.00% Jul-42 Green Obli that was launched in September 2021 until it reaches benchmark size comparable to other Oblis. There is no specific green funding target.
  • Tesoro Publico notes that the increase in net issuance to E60bln (MT/LT + letras) is "to preserve the flexibility needed to respond to the extraordinary needs arising from the DANA (extraordinary floods that affected mainly the region of Valencia at the end of October 2024), in line with the commitment to provide all necessary support to ensure a rapid reconstruction and relaunch of the affected area’s economy."
  • Bond auctions continue to be generally held on the first and third Thursday of each month, with one linker in the first auction of the month.
  • There are also no changes to the letras auction schedule with two monthly auctions: 6/12-month in the first and 3/9-months in the second.
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  • Spain has published its 2025 funding plans over the past 24 hours.
  • The gross issuance target for MT/LT debt is E176.514bln (which is slightly above the highest estimates that we had seen which ranged from E140-170bln).
  • Redemptions of MT/LT debt in 2025 total E121.514ln, a little above 2024’s E118.118bln.
  • This leave net MT/LT issuance at E55bln (the top of expectations which ranged from E25-55bln).
  • Gross issuance in 2024 was E169.898 (net issuance E51.780bln). The 2024 target was E173.118bln (net issuance E55bln).
  • So relative to 2024, gross issuance is expected to be E6.616bln higher (expectations were broadly E3-33bln lower) with net issuance expected to be similar to 2024.
  • The stock letras is forecast to increase E5.0bln (it had been expected to remain steady in 2025).
  • Spain also expects to receive E16.0bln from the NGEU Recovery Plan.
  • Spain plans to keep tapping the 1.00% Jul-42 Green Obli that was launched in September 2021 until it reaches benchmark size comparable to other Oblis. There is no specific green funding target.
  • Tesoro Publico notes that the increase in net issuance to E60bln (MT/LT + letras) is "to preserve the flexibility needed to respond to the extraordinary needs arising from the DANA (extraordinary floods that affected mainly the region of Valencia at the end of October 2024), in line with the commitment to provide all necessary support to ensure a rapid reconstruction and relaunch of the affected area’s economy."
  • Bond auctions continue to be generally held on the first and third Thursday of each month, with one linker in the first auction of the month.
  • There are also no changes to the letras auction schedule with two monthly auctions: 6/12-month in the first and 3/9-months in the second.