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EGB supply for W/C 3 Jan (1/2)

EUROZONE ISSUANCE

Germany, Spain and France have held auctions this week while Italy and Slovenia have held syndications. We estimate gross nominal issuance for the week at E34.4bln.

  • Germany kicked off 2022 issuance on Tuesday by holding an auction to allot E3.957bln of the 0% Dec-23 Schatz with an issuance volume of E5bln and a healthy bid-to-cover.
  • Wednesday morning, Spain came to the market to sell E5.122bln of nominals against a E4.5-5.5bln target: E1.390bln of the 3-year 0% May-24 Bono, E1.700bln of the 7-year 0% Jan-28 Obli and E2.032bln of the 15-year 0.85% Jul-37. In addition, Spain sold E558mln of the 0.65% Nov-27 Obli-Ei against a E250-750mln target.
  • Germany returned to the market Wednesday morning to launch its new 10-year Bund via auction. E3.1298bln was allotted with issuance volumes of E4bln for the new 0% Feb-32 Bund.
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