EU CONSUMER STAPLES: Suedzucker: Peer issuance (x3)

The EU plans to issue E90bln of NGEU and Macro Financial Assistance+ bonds in H1-26 (conventional and green). The EU had a E90bln target in H1 2025 and a E70bln target in H2 2025. We estimate it has raised E152.6bln nominal and E150.3bln in cash terms this year.

• There are 6 confirmed syndication weeks in H1-26 (6 in H1-25, 4 in H2-25) and 6 planned auction dates (7 in H1-25 and 6 in H2-25).
• “EU-Bonds will be issued using benchmark maturities from 3 to 30 years, with tap transactions and new lines, using auctions and syndications. The maturities for the new lines will depend on market conditions and the intention to bring liquidity to the curve where needed (with a preliminary focus on 3y, 7y, 10y and 20y)”.
• “EU-Bond auctions will continue to be 3-leg auctions complemented by non-competitive offers to EU Primary Dealers the day following the bond auction, allowing for the allocation of additional amounts of auctioned bonds (maximum 20 %)”.  
• “Tracking closely green expenditures reported by Member States, the Commission will continue to issue NextGenerationEU Green Bonds to finance the green component of the Recovery and Resilience Facility. NextGenerationEU Green Bond issuances in H1 2026 are expected to take place via tapping of existing bonds”.
• EU-bills will continue to be issued as triple-tranche auctions, with new 12-month lines issued during the first auction of the month.

• US TSY 26W BILL AUCTION: HIGH 3.495%(ALLOT 4.57%)
• US TSY 26W BILL AUCTION: DEALERS TAKE 35.13% OF COMPETITIVES
• US TSY 26W BILL AUCTION: DIRECTS TAKE 8.84% OF COMPETITIVES
• US TSY 26W BILL AUCTION: INDIRECTS TAKE 56.03% OF COMPETITIVES
• US TSY 26W BILL AUCTION: BID/CVR 2.84

• US TSY 13W BILL AUCTION: HIGH 3.560%(ALLOT 71.27%)
• US TSY 13W BILL AUCTION: DEALERS TAKE 39.19% OF COMPETITIVES
• US TSY 13W BILL AUCTION: DIRECTS TAKE 6.48% OF COMPETITIVES
• US TSY 13W BILL AUCTION: INDIRECTS TAKE 54.34% OF COMPETITIVES
• US TSY 13W BILL AUCTION: BID/CVR 2.68