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EGB Supply (1/2)

EUROZONE ISSUANCE
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Austria, France, Latvia and Portugal are all due to hold syndications in the near future while Greece and Germany are both due to hold auctions today. The EFSF has already held a syndication while Slovakia, Germany and Finland have already held auctions this week. We pencil in estimated gross issuance for the week at E22.0bln, down from E43.0bln last week.

  • Austria looks to hold a syndication in the “near future” to launch a new 15-year RAGB maturing 15 July 2039. We had expected an Austrian syndication in May (although we had not had a strong conviction surrounding the maturity). We expect a Wednesday transaction with a size of E3.5-5.0bln.
  • France announced a mandate to launch a new 20-year OETei in the “near future” (we expect Wednesday) with a maturity of 25 July 2043. This is not a surprise as we had pencilled in this transaction for May and we look for a E3.0-4.5bln transaction size.
  • Latvia held investor calls on Tuesday ahead of a new 10-year Jul-34 USD bond syndication. We don’t have a strong conviction regarding the size as Latvia has not issued any USD bonds since 2012 but pencil in USD400-600mln. We expect a transaction in the near future (potentially as early as Wednesday).
  • Portugal will also come to the market likely on Wednesday, after it announced a mandate to launch a new 30-year Jun-54 OT. Again we had been looking for a May transaction, and we look for a E3-4bln size.
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Austria, France, Latvia and Portugal are all due to hold syndications in the near future while Greece and Germany are both due to hold auctions today. The EFSF has already held a syndication while Slovakia, Germany and Finland have already held auctions this week. We pencil in estimated gross issuance for the week at E22.0bln, down from E43.0bln last week.

  • Austria looks to hold a syndication in the “near future” to launch a new 15-year RAGB maturing 15 July 2039. We had expected an Austrian syndication in May (although we had not had a strong conviction surrounding the maturity). We expect a Wednesday transaction with a size of E3.5-5.0bln.
  • France announced a mandate to launch a new 20-year OETei in the “near future” (we expect Wednesday) with a maturity of 25 July 2043. This is not a surprise as we had pencilled in this transaction for May and we look for a E3.0-4.5bln transaction size.
  • Latvia held investor calls on Tuesday ahead of a new 10-year Jul-34 USD bond syndication. We don’t have a strong conviction regarding the size as Latvia has not issued any USD bonds since 2012 but pencil in USD400-600mln. We expect a transaction in the near future (potentially as early as Wednesday).
  • Portugal will also come to the market likely on Wednesday, after it announced a mandate to launch a new 30-year Jun-54 OT. Again we had been looking for a May transaction, and we look for a E3-4bln size.