MNI EGB Supply Daily - 6 February, 2026

Belgium is scheduled to hold an ORI auction this morning. Already this week Belgium, Italy and the ESM held syndications, Germany, Italy, France and Spain held auctions and Finland held an ORI operation. We look for issuance of E49.1bln for the week, up from E42.8bln 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

• Belgium will conclude issuance for the week today, also holding an ORI auction for up to a combined E500mln of the 2.85% Oct-34 OLO (ISIN: BE0000360694) and the 3.10% Jun-35 OLO (ISIN: BE0000363722).
• Next week, the EU is scheduled to hold a syndication while Austria, Germany, Italy and the Netherlands are all scheduled to hold auctions in the W/C 9 February. There are also potential auctions from Greece and Portugal. We pencil in gross issuance of E30.3bln for the week.