MNI EGB Supply Daily - 12 March, 2026

Ireland and Italy will hold auctions today while the non-competitive stage of the Portuguese auction will be held. The EU held a syndication earlier this week while Austria, Germany and Portugal held auctions. We look for gross issuance of E29.5bln 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

• Ireland will look to hold its only auction of the quarter this morning, with E1.00-1.25bln of the on-the-run 10-year 3.10% Jun-36 IGB (ISIN: IE000O6GBYC9) on offer. This is the bond that was launched via syndication in January.
• Italy will also look to hold a 3/7/12 year BTP auction today, selling E1.75-2.00bln of the on-the-run 3-year 2.40% Mar-29 BTP (ISIN: IT0005689960), E2.0-2.5bln of the on-the-run 7-year 3.15% Mar-33 BTP (ISIN: IT0005689994) and E1.0-1.5bln of the 3.25% Mar-38 BTP.
  • This is a relatively small Italian auction - presumably the MEF is being cautious given current market conditions. Particularly, given that the long-dated BTP also only has a residual maturity of 12-years (so pretty low on duration too).