MNI EGB Supply Daily - 10 February, 2026

The EU is scheduled to hold a syndication today while the Netherlands, Austria, and Germany are scheduled to hold auctions. Later this week, Portugal and Italy will follow with auctions. There is also a potential auction from Greece. We pencil in gross issuance of E28.9bln for the week, down from E52.5bln last week.

For the full document with look ahead to issuance through the remainder of this week and next week click here

• The EU is likely to come to the market today to hold its second syndication of 2026, a dual-tranche tap of the 2.750% Dec-32 EU-bond (ISIN: EU000A4ED0K0) and the 3.750% Oct-45 EU-bond (ISIN: EU000A4EA8Y7).
  • We pencil in E4-5bln of the 2.75% Dec-32 EU-bond and E4-5bln of the 3.75% Oct-45 EU-bond with a total transaction size of E8-10bln.
• The Netherlands will hold an auction this morning, looking to sell E1.5-2.0bln of the 3.25% Jan-44 Green DSL (ISIN: NL0015001RG8).
• Austria will hold an RAGB auction today with up to a combined E1.725bln of the 0% Feb-31 RAGB (ISIN: AT0000A2NW83) and the 3.20% Feb-36 RAGB (ISIN: AT0000A3RVH9) on offer. We had been expecting a first reopening of the recently launched 10-year 3.20% Feb-36 RAGB in particular and didn’t have a strong conviction regarding the other RAGB on offer.
• Germany will conclude today’s auction issuance by selling E5bln of the 2.50% Apr-31 Bobl (ISIN: DE000BU25067).