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SURE syndication preview

EUROZONE ISSUANCE

Note that the EU issued an RFP to banks regarding an upcoming SURE transaction on Friday. Our base case is for a transaction tomorrow (in line with the first three transactions) and a formal mandate announcement around 12:00-12:30UK today.

  • 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).
  • The formal mandates for the first three transactions were released on the Monday at 12:27, 12:15 and 12:05 respectively (all UK times) with transactions taking place on Tuesday.
  • Books then opened at 7:55-8:00 UK time / 8:55-9:00CET.
  • Booked closed at 9:00UK/10:00CET for the first tranche and at 9:30UK/10:30CET for the second and third transactions.
  • Pricing for the first tranche was confirmed at 15:25, for the second tranche at 16:14/16:15 and for the third tranche at 16:04 (all times are UK).
  • The EU looks to issue E30-35bln of SURE bonds in Q1.
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