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EU SURE 5/25y dual-tranche syndication preview

EUROZONE ISSUANCE

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 today 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 today.

  • 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 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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