MNI EGB Supply Daily - 8 January, 2026

Italy and Portugal are both likely to hold syndications today while Spain and France will hold auctions today. Already this week, Slovenia and Belgium held syndications and Germany kicked off auction issuance for the year. We pencil in issuance of E64.2bln for the week, after last week saw no scheduled operations amid the holiday period. See our full January syndication expectations on page 2 of the PDF.

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• Italy has sent a mandate for a dual tranche syndication of a new 7-year Mar-33 BTP (ISIN: tba) and a E5bln no-grow reopening of the 4.10% Apr-46 BTP Green (ISIN IT0005631608).
  • We  look for a transaction today with E12-14bln of the 7-year on offer.
  • A January Italian syndication was in line with our expectations – and we had been looking for a dual-tranche including a 7-year BTP launch, but we had thought next week was more likely.
• Portugal has also sent a mandate yesterday, to launch a new 10-year Jun-36 PGB. “The syndicated transaction is expected to be launched and priced in the near future, subject to market conditions." This again is in line with our expectations, and we pencil in a E4bln transaction size for today.
• Spain will come to the market today with a Bono/Obli/ObliEi auction, with a combined E5.5-6.5bln of the on-the-run 4-year 2.70% Jan-30 Bono (ISIN: ES0000012O00), the on-the-run 7-year 3.00% Jan-33 Obli (ISIN: ES0000012P74) and the on-the-run short 20-year 3.45% Jul-43 Obli (ISIN: ES0000012K95) alongside E250-750mln of the 1.15% Nov-36 Obli-Ei (ISIN: ES0000012O18) on offer.
• France will come to the market also today  to hold a LT OAT auction, selling a combined E11.5-13.5bln of the on-the-run 10-year 3.50% Nov-35 OAT (ISIN: FR0014012II5), the 0.50% May-40 OAT (ISIN: FR0013515806), the on-the-run 15-year 3.60% May-42 OAT (ISIN: FR001400WYO4) and the on-the-run 30-year 3.75% May-56 OAT (ISIN: FR001400XJJ3).