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EGB Auctions / syndications expected today

EUROZONE ISSUANCE

The Netherlands, Austria, Germany, Spain and Italy are all still due to hold auctions this week while the EU held an auction yesterday. We also have announced syndications from Belgium, Italy and Latvia and we already had an EFSF syndication yesterday. We pencil in gross nominal issuance at first round operations of E47.0bln this week for these deals.

  • Belgium has announced a mandate for a new 10-year Jun-33 OLO to be held in the “near future”. MNI expects a transaction of E5-6bln today. The auction scheduled for 30 January has been cancelled.
  • Italy will also hold a syndication in the “near future” with a new 20-year Sep-43 BTP on offer. We pencil in an issue size of around E7bln.
  • Latvia also announced a mandate for a new 5-year bond. We pencil in a E1.0bln transaction on today.
  • In terms of today's auctions, the Netherlands will look to sell E2.5-3.5bln of the 3-year 0% Jan-26 DSL (ISIN: NL0015000QL2).
  • Austria will sell a combined E1.15bln of the 3.5-year 2.00% Jul-26 RAGB (ISIN: AT0000A308C5) and the 25-year 1.50% Feb-47 RAGB (ISIN: AT0000A1K9F1).
  • Today will see the first linker auction of the year with Germany offering E500mln of the 0.10% Apr-33 ILB (ISIN: DE0001030583) on offer.
For more on this week's issuance see the PDF here:

EZ230110.pdf

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