EZ/UK Bond Supply Calendar: IT Syndication; UK, DE Due Wed

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.

• 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
• 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.