MNI EGB Supply Daily - 15 April, 2026

Italy is expected to hold a syndication today while Greece and Germany will come to the market with auctions. Tomorrow, Spain and France will look to hold auctions. Earlier this week, the EU and France held syndications while the Netherlands and Germany held auctions. We look for gross issuance of E67.6bln for the week, up from E29.2bln last week as issuance picks up after the Easter break and market conditions become a bit less volatile.

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

• Italy announced a mandate for a dual tranche syndicated issuance to launch a new 10-year BTP due 1st July 2036 and a new 20-year Feb-46 BTPei. We expect the transaction today. In terms of size we look for E10-14bln for the 10-year BTP – the last 10-year syndication was for E13bln in January 2025 and there hasn’t been another syndicated 10-year transaction other than that since 2021 (when two E10bln transactions were held). For the 20-year BTPei we look for E3-5bln, in line with recent BTPei syndications.
  • We had noted in previous EGB Supply Dailies that an Italian syndication was likely over the coming weeks. While we had noted the chance of a 10-year syndication, our base case was for a new 5/7-year BTP to be launched alongside a longer-dated line.
  • On the back of the syndicated transaction announcement, Italy cancelled the BTPei auction scheduled for 24 April 2026.
• Greece will hold a GGB auction today, with E250mln of the on-the-run 10-year 3.375% Jun-36 GGB (ISIN: GR0124042764) on offer.
• Germany will return to the market today to hold a triple-line LT Bund auction. On offer will be E1bln of each of the 1.25% Aug-48 Bund (ISIN: DE0001102432), the 0% Aug-52 Bund (ISIN: DE0001102572) and the 2.90% Aug-56 Bund (ISIN: DE000BU2D012).