MNI EGB Supply Daily - 15 January, 2026

This morning Spain will hold an auction while Lithuania will likely hold its dual-tranche syndication today. Already this week, the EFSF, the EU, Greece, France and Ireland have held syndications while the Netherlands, Austria, Italy and Germany have held auctions. We pencil in issuance of E67.2bln for the week, only slightly below last week’s E69.6bln. See our full January syndication expectations on pages 3-4 of the full document.

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.

• Lithuania announced a mandate to hold a 5/15-year dual-tranche syndication in the “near future”. We expect the transaction to take place today with E0.75-1.25bln of each tranche on offer for a total transaction size of E1.75-2.5bln.
• Spain will look to conclude auction issuance for the week this morning with a Bono/Obli auction, including the launch of a new 3-year Bono. On offer will be a combined E5-6bln of the new 2.35% Mar-29 Bono (ISIN: ES0000012P90), the on-the-run 15-year 3.50% Jan-41 Obli (ISIN: ES0000012O75) and the 45-year 1.45% Oct-71 Obli (ISIN: ES0000012H58) – the longest maturity Obli.
  • We had flagged the prospect of a new 3-year Bono being launched this week in the MNI EGB Supply Daily publications last week. Tesoro Publico has decided to use a 31 March 2029 maturity date and this means that for the first time there will be six non-linker Bono/Oblis maturing within the calendar year of 2029.
  • As we noted in the Daily, there still seems to be strong demand in the 3-year area and there isn't a linker maturing in 2029 so there is definitely the fiscal space to launch this issue without having too large of a hump in maturities.