EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

Below are the known dates for auctions of European bonds and UK gilts. All times are UK.

See the notes section at the bottom for more colour.

• Cancelled auctions:
  • The EU has announced it will not hold its reserve bond syndication w/c December 9.
  • Spain has announced a cancellation of the auction previously scheduled for December 12.
  • Slovakia has announced it will not make use of all of its auctions scheduled for this December.
  • Italy has announced it will not make use of its auctions previously scheduled for December 30/31.
• Austria: OeBFA will release its 2025 issuance calendar on Friday, 13 December.
• Finland: The next quarterly funding update is scheduled for 20 December (we assume this will accompany their 2025 issuance target).
• Germany: DFA will release its 2025 issuance calendar on Tuesday, 17 December.
• Italy: New bonds issued in Q4: 3-year 2.70% Oct-27 BTP (E9bln min, launched 13 November) and 7-year 3.15% Nov-31 BTP (E10bln min, launched via syndication on 22 October). Bonds to be reopened in Q4 are the 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269, E9bln minimum amount already exceeded), the 3-year 3.45% Jul-27 BTP (ISIN: IT0005599904, E9bln min already exceeded), the 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055, E10bln min), the 7-year 3.45% Jul-31 BTP (ISIN: IT0005595803, E10bln min already exceeded), and the 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970, E10bln min already exceeded).
• Netherlands: The DSTA will release its 2025 outlook on Friday 13 December.
• The BOE will announce its Q1-25 APF sales schedule on 20 December at 16:30GMT.
• The UK plans to hold a 10-year gilt syndication in February and to launch a new 20-25 year linker via syndication in March.
• The DMO will hold a consultation with GEMMs and investors to discuss FQ1-25 (Apr-Jun) issuance on Monday 17 March with the agenda likely published on Monday 10 March (subject to the Spring Budgetary statement).