ITC – EGB Supply announcements and January syndication patterns

ITC EGB Supply – 2020 strategy announcements will be coming soon. Based on last year/early this year, we show the expected order ranked by when they announced for 2019 strategies. Ireland/Austria tend to be the first although Ireland was later than usual last year:

Austria                 06/12/2018

Belgium                12/12/2018

Ireland                  13/12/2018

Netherlands          14/12/2018

Germany               18/12/2018

France                  20/12/2018*

Italy                      20/12/2018

Finland                 20/12/2018

Portugal                04/01/2019

Spain                    11/01/2019

* Already have main elements for France. Total financing requirement will stand at €230.5bn, mainly consisting of €93.1bn to cover the deficit to be financed and €136.4bn to redeem medium- and long-term debt maturing in 2020. Absorbing a part of SNCF Réseau debt will also increase the government’s 2020 debt redemptions by 1.8bn. Medium- and long-term government debt issuance programme, net of buybacks, worth €205bn & increase in outstanding short-term government securities for €10bn

EGBs – Syndications in January

A reminder of usual EGB syndication patterns in January:

Belgium – Did a 10y on 8th Jan in 2019, 16th in 2018 and 17th in 2017

Portugal – Did 10y on 9th, 10th and 11th in last 3 years

Italy – Did a 15y on 15th in 2019, 20y on 10th in 2018 and 15y on 18th 2017

Spain – Did a 10y on 22nd, 23rd and 24th in last 3 years

France – Not usually a Jan syndication issuer but did a 22y on 24th Jan 2017

Finland- Not in Jan, usually in early Feb

Greece – Did a 5y on 29th Jan 2019

Austria – Did 10y on 29th 2019, 10y on 18th 2018 and nothing in 2017

Ireland – Usually does 10y on 1st (sometimes 2nd) Wednesday of new year

Germany – Does not usually use syndications but Green issuance may change this in 2020