MNI EGB Supply Daily - 8 July, 2026

The EFSF is likely to hold a syndication today, while Germany and Portugal will hold auctions and Austria will hold its non-competitive round. In the remainder of the week, Ireland and Italy will also hold auctions. Yesterday, the EU, Italy and Bulgaria all held syndications, while Austria and Germany held auctions in a busy day for Eurozone issuance. We look for gross issuance of E40.2bln for the week, up from E29.7bln last week.

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• The EFSF yesterday sent a mandate for a tap of the 3.00% Jul-30 EFSF-bond (ISIN: EU000A2SCAJ7) following an an RfP (Request for Proposal) regarding an upcoming transaction last week. This means a transaction today is likely. We pencil in a E1.0-2.5bln transaction size (with a E1.0-1.5bln transaction most likely).
  • The EFSF has already raised E14.0bln of its E18.0bln funding target this year, so the maximum size of the transaction would be E4.0bln. A smaller transaction than this would still leave a window for either a USD syndication (which we have pencilled in for late August / early September) or a September / October transaction.
  • We don't think there are imminent needs for the EFSF to raise too large a sum now, it is more about keeping market access consistent through the year and funding at favourable times if possible.
• Germany will return to the market this morning with E6bln of the new 10-year 3.00% Aug-36 Bund (ISIN: DE000BU2Z072) on offer.
• Portugal will also come to the market today to hold an OT auction, with a combined E1.25-1.50bln of the 3.25% Jun-36 OT (ISIN: PTOTEDOE0010) and the 1.15% Apr-42 OT (ISIN: PTOTEPOE0032) on offer.