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EGB Supply (1/3)

EUROZONE ISSUANCE

The Netherlands, Spain, Germany, Italy, Finland, Greece, Spain and France are all still due to issue this week while Slovakia came to the market yesterday. We pencil in gross nominal issuance of E40.9bln, up from E18.8bln last week.

  • Slovakia kicked off issuance for the week on Monday by selling a combined E242mln of SlovGBs: E92mln of the short 4-year 0.125% Jun-27 SlovGB (ISIN: SK4000017380), E150mln of the 4.00% Oct-32 SlovGB (ISIN: SK4000021986), E139mln of the 10-year 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and E50mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958).
  • On Tuesday the Netherlands will look to hold a DDA for E4.0-5.0bln to launch the new 20-year 3.25% Jan-44 Green DSL (ISIN: ISIN: NL0015001RG8). The initial spread guidance was announced yesterday to be at the 2.50% Jul-44 Bund +28bp to +33bp.
  • Spain also announced a mandate for a new long-15 year Obli-Ei maturing 30 November 2039 via syndication. MNI expects the transaction to take place today and we pencil in a size of E3-5bln.
  • Germany will look to kick off Tuesday’s auctions by selling E5bln of the new 3.10% Dec-25 Schatz (ISIN: DE000BU22031).
  • Finland will then look to conclude issuance on Tuesday with an RFGB auction. We expect the 10-year 3.00% Sep-33 RFGB (ISIN: FI4000550249) to be on offer, potentially alongside the 5-year 2.875% Apr-29 RFGB (ISIN: FI4000557525).
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