EZ/UK Bond Supply Calendar: Austria, UK, Germany Due Tuesday

Below are the known dates for auctions of European bonds and UK gilts. All times are UK.

See the notes section at the bottom for more colour.

• Cancelled auctions:
  • Italy announced that it will not hold the 3/7/15+ year BTP auction that had been scheduled for 13 August or the BTPEi auction scheduled for 26 August (the BTP Short Term auction scheduled for the same day will still go ahead). This is in line with recent convention and is not unexpected. The MEF noted that this decision was taken “considering the cash management activity”.
  • Spain, as expected, has cancelled its auction previously scheduled for 21 August (in line with precedent in recent years).
• Austria looks to hold 3 syndication in 2025.
• Belgium looks to issues up to three new OLOs in 2025: a new 5-year, 10-year and long-term (e.g. 30-year).
• Finland: New benchmarks in 2025 to be launched via syndication: 10-year, 20-year and either 7-year or 15-year. First expected in Q1 (we expect the other two in Q2 and Q3).
• Finland will release its next Debt Management Quarterly Review and Q2-25 funding calendar on 31 March.
• France: New issues expected via auction: One 3-year, one 5/6-year, two new 10-year OATs. “Prospect of" a new 15-20 year OAT via syndication. “Prospect, depending on demand and up to the limit of eligible green expenditures, of a syndicated tap" of the 3.00% Jun-49 Green OAT. “Prospect of" new 30-year OAT. "Consider, depending on market demand" a syndicated launch of a new OATei (no maturity given).
• Germany: 2 syndications in 2025 including the launch of a new 30-year Bund. Germany scheduled its Q2 calendar announcement for Monday, March 24.
• Italy: New bonds to be issued in Q1-25: BTP Short Term maturing 25 February 2027 (minimum outstanding to be E9bln). We look for a January launch, 5-year BTP maturing 1 July 2030 (minimum outstanding to be E10bln). We look for a February / March launch. 10-year BTP maturing 1 August 2035 (minimum outstanding to be E10bln). We look for a January launch (possibly via syndication).
• Italy: Reopenings in Q1-25: 3-year 2.70% Oct-27 BTP (minimum outstanding E9bln), 5-year 3.00% Oct-29 BTP (minimum outstanding E10bln already exceeded), 7-year 3.15% Nov-31 BTP (minimum outstanding E10bln already exceeded).
• Ireland "intends to conduct at least one syndicated bond deal in 2025."
• The Netherlands looks to issue a new 10-year 2035 DSL (via DDA for E5bln in Feb/Mar and then reopened for a further E7bln) and a new 15+ year DSL (to be launched via DDA for E5bln, time TBC).
• The Netherlands will confirm two further existing DSL auctions and the timing of the 10-year DDA in due course.
• Portugal expects to hold 3 syndications in 2025.
• Slovakia plans three new SlovGBs in 2025: a new 4-year SlovGB via auction on 2 June 2025 (maturing 4 June 2029). Final issue size will be E3.0bln. Also a 12-year SlovGB (final issue size E5.0bln) and a 15+ year SlovGB (final issue size E5.0bln).
• Spain dates are estimated (the 2025 calendar is not published yet).
• The BOE will announce its Q2-25 APF sales schedule on 21 March at 16:30GMT.
• The UK plans to hold a 10-year gilt syndication in February and to launch a new 20-25 year linker via syndication in March.
• The UK DMO will release a proposed calendar for the first 3 weeks of the next fiscal year at 7:30GMT on 12 March - with views from market participants sought until midday 13 March and the calendar for 31 March - 18 April then being confirmed on Friday 14 March at 7:30GMT.
• The UK DMO is expected to announce its FY24/25 gilt remit on Wednesday 26 March alongside Chancellor Reeves delivering the OBR's EFO update.
• The UK DMO will hold a consultation with GEMMs and investors to discuss FQ1-25 (Apr-Jun) issuance on 31 March 2025. The agenda for this meeting will be published on Wednesday 26 March at 15:30GMT. The DMO will announce its April to June issuance operations schedule at 7:30GMT on Friday 4 April.