MNI EGB Supply Daily - 10 March, 2026

The EU is likely to hold a syndication today while Austria and Germany will hold auctions. Germany will return to the market tomorrow alongside Portugal while Ireland and Italy will look to follow on Thursday. We look for gross issuance of E28.6bln for the week, down from E40.6bln (ex-retail) last week.

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

• The EU has released a mandate for a new 10-year Dec-36 EU-bond. The transaction will be launched “in the near future, subject to market conditions”. This is a usual line for most issuers when mandates are released, but the EU normally commits to “tomorrow” in its mandates (which would have meant a transaction today). We still do expect a transaction today but there is a chance it is pushed to later in the week. We expect a transaction size of E7-9bln.
  • The mandate was in line with our expectations. Note that we wrote in our EGB Issuance, Redemption and Cash Flow Matrix last week that “we pencil in the launch of a new 10-year. This may be as a single line syndication or potentially alongside a tap or a new 20-year issue.”
• Austria will kick auction issuance off for the week this morning for a combined E1.725bln. On offer will be second auction reopening of the 2.80% Sep-32 RAGB (ISIN: AT0000A3NY15) after it was launched via syndication in August and the on-the-run 10-year 3.20% Feb-36 RAGB (ISIN: AT0000A3RVH9).
• Germany will also come to the market today with E5bln of the 2.10% Mar-28 Schatz (ISIN: DE000BU22122) on offer.