MNI Eurozone Issuance Deep Dive: 2025 Outlook

• The MNI Markets team expects gross issuance of EGBs, EU-bond and ESM/EFSF issues to be E1.51tln in 2025, broadly similar to 2024’s level.
• Redemptions in 2025 (E901bln) are expected to be broadly the same as in 2024 with coupons a bit higher (E220bln).
• This leaves net flows for 2025 at an estimated E392bln.
• We round up the 2025 funding plans as well as our own expectations of new bonds that will be issued, timing and syndication expectations.

For the full document see: MNI_EZ_DeepDive_2025_Outlook.pdf