MNI EGB Supply Daily - 14 January, 2026

France and Ireland are both scheduled to hold syndications today while Germany will return to hold its second auction of the week. Tomorrow will see Spain hold an auction. Already this week, the EFSF, the EU and Greece have held syndications while the Netherlands, Austria, Italy and Germany have held auctions. We pencil in issuance of E62.3bln for the week, down from E69.6bln last week. 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.

• France will look to hold a syndication to launch a new 20-year May-46 OAT. We expect the transaction today with an E8-10bln size.
  • We had flagged the potential for the French syndication this week but we had thought the W/C 26 January was more likely.
• Ireland has announced a mandate to launch a new 10-year Jun-36 bond via syndication, likely today. We pencil in a E3-4bln transaction size.
  • The transaction coming this week is in line with our expectations, but we had pencilled in an Oct-36 rather than a Jun-36 maturity.
• Germany will hold its first triple-line long-dated auction this morning. On offer will be E1bln of each of the 3.25% Jul-42 Bund (ISIN: DE0001135432), the 0% Aug-52 Bund (ISIN: DE0001102572) and the 2.90% Aug-56 Bund (ISIN: DE000BU2D012).
  • As well as being the first triple-line auction, this is the first that sees a 15/20-year Bund on offer alongside 30-year Bunds – a theme that will be the case for the additional line in all 15/20/30-year Bund auctions through 2026. This year the DFA has more flexibility regarding the second line on offer.