NTMA wants a syndicated issue this week, to frontload their still quite onerous cash requirements for the remainder of the year.
I am thinking around €12-15bn would be a good idea while sovereign issuance in Europe is fluid at present. The assumption is that some ECB programme or other will mop a whole lot of this right up so a low coupon (less than 1%) is not out of the question here.
Over the rest of the year they will need at least €25bn including a large €9bn redemption in October. Perhaps as much as €30bn.
We have no idea how much of a deficit they are planning on financing in 2021 but it sure won’t be a surplus and Brexit will also be a factor by then.