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EGB Supply (1/3)

EUROZONE ISSUANCE

Slovakia, the EU, the Netherlands, Austria, Germany and Finland are all scheduled to hold auctions this week. We also pencil in syndications from the EFSF (mandate announced), Belgium and Spain. We pencil in estimated gross issuance for the week at E32.4bln, down from E58.6bln this week.

  • The EFSF has sent an RfP ahead of an expected “upcoming” transaction. EFSF syndications have tended to take place on Mondays (and occasionally Wednesday) so we tentatively pencil in today as the most likely date for now.
  • Slovakia will hold a special auction held today to launch new 2/4-year SlovGBs. On offer will be the 2-year 3.00% Feb-26 SlovGB (ISIN: SK4000024675) with an eventual issue size of E1.5bln and the 4-year 3.00% Feb-28 SlovGB (ISIN: SK4000024683) with an eventual issue size of E3.0bln. Note there will be no non-competitive round.
  • The EU will look to hold an auction today with up to E3bln of the short 3-year 2.75% Oct-26 EU-bond (ISIN: EU000A3K4D82) and up to E2bln of the 20-year 4.00% Apr-44 EU-bond (ISIN: EU000A3K4EL9) on offer.

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