MNI EGB Supply Daily - 3 March, 2026

It is a big day for issuance today with Austria and Germany likely to hold syndications, the Netherlands a DDA and Germany a conventional auction. Books for the retail-only BTP Valore remain open while Germany, Spain and France are due to also hold conventional auctions later this week and Belgian an ORI auction. We look for gross issuance of E43.4bln for the week (excluding retail), up from E38.0bln last week.

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

• Austria has announced a mandate for an upcoming dual-tranche syndication consisting of a new 30-year Mar-56 RAGB (ISIN: TBA) and a tap of the 2.90% May-29 Green RAGB (ISIN: AT0000A33SH3). The transaction is expected to be launched and priced in the near future, subject to market conditions. This means a transaction today is likely. In terms of size, we expect E1.25-1.75bln of the 2.90% May-29 Green RAGB alongside E3-4bln of the Mar-56 RAGB.
  • We had broadly expected an Austrian syndication around now (albeit had pencilled in slightly later in the month). We wrote in Eurozone Issuance Deep Dive: 2026 Outlook publication in January: "We pencil in a second [Austrian] syndication in March/April. This may come earlier than last year given that the first maturity of the year (from a short 7-year RAGB) comes on 15 March rather than 20 April in 2025)"
• Germany has announced a mandate for a syndicated launch of a new May-41 Green Bund (ISIN: TBA), due in “the near future”. A transaction today is likely. In terms of size, we look for a E4.5-6.5bln transaction size and note that the largest green syndication to date has been for E6.5bln with the inaugural 10-year Green Bund launch in September 2020. Given that green funding will be limited to E16-19bln and there are nine scheduled auctions in 2025, we think it is unlikely that we see a transaction larger than E6.5bln.
  • The regular Bund that the Green Bund will be twinned with is the 2.60% May-41 Bund (ISIN: DE000BU2F009).
  • We also wrote in our Issuance Deep Dive that "assuming we see a January syndication, we would expect a second [German] syndication of the year to come in March / April, likely ahead of the maturity of the Index-Linked Bund which will see E24.9bln mature."
• The Netherlands will come to the market today to launch the new 2.75% Jul-36 DSL (ISIN: NL0015073VV8) for E6-7bln via DDA. The preliminary initial spread guidance was announced yesterday at the 2.75% Jul-36 DSL (ISIN: NL0015073VV8) +14.5 to +17.5 bps.
• Germany will also hold a conventional auction today, selling E5bln of the 2.50% Apr-31 Bobl (ISIN: DE000BU25067).