MNI EGB Supply Daily - 13 January, 2026

The EU and Greece are scheduled to hold syndications today while the Netherlands, Austria, Italy and Germany are all scheduled to hold auctions. The EFSF held a syndication yesterday and we still pencil in an Irish syndication later in the week. Germany and Spain are both looking to hold auctions later this week, too. We pencil in issuance of E52.2bln for the week, down from E69.6bln last week. There is also a chance of a French syndication. See our full January syndication expectations on pages 2-3 of the PDF

For the full document with a recap of issuance so far this week, a look ahead to issuance through the remainder of this week and next week, a summary of January syndication expectations and summaries of 2026 funding plans click here.

• The EU has announced a mandate to hold a dual-tranche syndication today (the expected timing within the scheduled week) with the new long 3-year Jul-29 EU-bond (ISIN: TBC) and a tap of the 30-year 4.00% Oct-55 EU-bond (ISIN: EU000A4EG039) on offer.
  • A new 3-year EU-bond alongside a 30-yeer tap is the same syndication as in January 2025. Last year saw E6bln for the 3-year and E5bln for the 30-year tap. We expect the same size transaction today.
• Greece has announced a mandate to launch a new 10-year GGB via syndication today. We expect the bond to have a Jun-36 maturity and pencil in a E4bln transaction size (in line with both 2024 and 2025).
• The Netherlands will hold its first auction of the year today, selling E4-5bln of the new 5-year 2.50% Jan-31 DSL (ISIN: NL0015073TQ2) via conventional auction.
• Austria will follow later this morning with a combined E2.3bln of the on-the-run 10-year 2.95% Feb-35 RAGB (ISIN: AT0000A3HU25) and the on-the-run 30-year 3.15% Oct-53 RAGB (ISIN: AT0000A33SK7) on offer.
• Italy will also come to the market at the same time as Austria today. A new 3-year 2.40% Mar-29 BTP (ISIN: IT0005689960) will be launched for E3.5-4.0bln (we had pencilled in a February launch for this issue). The MEF has also announced that due to the syndication held on 8 January (7-year BTP launch / 20-year Green BTP tap) that the 3-year BTP will be the only line on offer at this auction (which was our base case since the syndication was mandated).
• Germany will conclude auction issuance for the day today with E6bln of the new 2.50% Apr-31 Bobl (ISIN: DE000BU25067) on offer.