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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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EU SURE 5/25y dual-tranche syndication preview
The EU has issued a mandate for a dual-tranche 5/25-year transaction to take place in the "near future". We expect the transaction to take place tomorrow with a transaction size of E13bln. This will be the first time an EU SURE bond has been issued with a 25-year maturity and will see a second 5-year bond issued. Each issue of EU SURE bonds so far has been vastly oversubscribed and we expect to see similar high demand tomorrow.
- Previous SURE transactions: The first SURE transaction in October saw E17bln of 10/20-year issuance, the second in November saw E14bln of 5/30-year issuance and the third 15-year issuance for E8.5bln, also in November. The fourth transaction in January saw E14bln of the 7/30-year issuance. The last transaction earlier this month saw E9.0bln of a new long 15-year benchmark sold. This leaves E62.5bln of EU SURE debt outstanding ahead of the upcoming transaction.
- For the past transactions, books opened at 7:50-8:00 UK time / 8:50-9:00CET.
- Books closed at 9:00UK/10:00CET for the first transaction and at 9:30UK/10:30CET for all subsequent transactions.
- Pricing for the first transaction was confirmed at 15:25, for the second at 16:14/16:15, for the third at 16:04, the fourth at 15:55 and at 16:24 for the fifth transaction (all times are UK).
- JLMs will be BNP Paribas, BofA Securities, DZ BANK, Morgan Stanley and Societe Generale.
- A further E13-14bln of EU SURE issuance is expected in Q2.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.