MNI EGB Supply Daily - 3 February, 2026

The ESM and Italy are likely to hold syndications today, while Germany is scheduled to hold a Green auction. Germany will return to the market tomorrow, Spain and France are scheduled to hold conventional auctions later this week while Finland and Belgium are both scheduled to hold ORI auctions this week. We look for issuance of E41.9bln for the week, slightly down from E42.8bln last week.

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

• The ESM has sent a mandate for a syndicated launch of a new 10-year Feb-36 ESM-Bond, we expect the transaction to take place today (and this follows an RFP being issued last week). MNI looks for a E2-3bln size.
  • In our Deep Dive Outlook, we had pencilled in an ESM syndication in February for E2-3bln, with the majority of the March redemption likely to be covered by the E4.9bln repayments received in December 2025 from Spain and Cyprus.
• Italy has sent a mandate for a new 15-year Oct-41 BTP. The transaction is expected to be launched in the near future subject to market conditions. We look for a transaction size somewhere in the region of E10-13bln.
  • We noted in our 2026 Eurozone Issuance Deep Dive that the MEF has noted that it looks for less gross 15-year BTP issuance than last year (when E16.85bln was issued). This means that its likely that either the syndication is smaller than last year's E13bln or is significantly later in the year or possibly a similar size, but we would be surprised if it was larger.
  • A new 15-year BTP has launched in either January or February in 5 of the last 7 years (the exceptions being 2022 when it launched in May and 2023 when there was no 15-year launch at all).
• Germany will come to the market today to hold its first Green auction of the year, with E1.5bln of the 2.50% Feb-35 Green Bund (ISIN: DE000BU3Z047) on offer.